Bill
Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019
lapsed, as at 2019-04-11. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-02-13
- second reading — 2019-02-13
- other — 2019-04-11
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-02-13.
This bill is part of a package that targets illegal phoenixing by creating new offences for stripping company assets to avoid debts.
The package would let liquidators and the Australian Securities and Investments Commission reclaim property transferred in a way that defeats creditors.
The new criminal offences cover company officers who arrange such transfers and anyone who encourages them, with a strict liability offence for ignoring an ASIC recovery order.
- Creates criminal offences for company officers who make creditor-defeating transfers of company property.
- Creates civil penalty provisions for officers and others who make or encourage such transfers when a reasonable person would have known they were creditor-defeating.
- Creates a strict liability criminal offence for failing to comply with an ASIC order to return property transferred under a voidable creditor-defeating disposition.
Company officers, persons who encourage creditor-defeating transfers, and liquidators and ASIC who enforce recovery of transferred property.
Sources
em
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