Combating Phoenix Activities: Law Reform Proposals

In 2012, the impact of phoenix activity on the Australia's market economy was estimated by PwC to be as high as $3.19 billion per annum. The aim of the book is to assess the effectiveness of the current operation of the regulatory regime in curbing phoenix activities in Australia, with particular reference to the Corporations Act 2001 (Cth). In particular, the book seeks to explore whether a legal definition for the term "phoenix activity" and specific legal consequences for engaging in phoenix activity should be incorporated into the Corporations Act 2001 (Cth). The significance of the book is to establish an appropriate theoretical framework to assess the effectiveness of the current law in dealing with phoenix activities, and to propose five law reform recommendations with respect to the Corporations Act 2001 (Cth). The book provides insight into the phenomenon of phoenix activities in Australia and other jurisdictions, and should be especially useful to regulators, policy makers, legal practitioners, insolvency practitioners, corporate turnaround professionals, academics, tax professionals, and any interest groups who are affected by the existence of phoenix activities.