Bill
Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019
passed, as at 2020-02-17. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-07-04
- second reading — 2019-07-04
- second reading — 2019-11-27
- second reading — 2019-11-27
- committee — 2019-11-27
- third reading — 2019-11-27
- introduced — 2019-11-27
- second reading — 2019-11-27
- second reading — 2020-02-05
- second reading — 2020-02-05
- committee — 2020-02-05
- third reading — 2020-02-05
- other — 2020-02-05
- passed — 2020-02-05
- royal assent — 2020-02-17
Divisions
- Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 - Consideration in Detail - Director ID numbers — 2019-11-27, House of Representatives: negative, ayes 66, noes 74
- Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 - Third Reading - Suspend the usual procedural rules — 2019-11-27, House of Representatives: affirmative, ayes 78, noes 60
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-07-04.
This bill is part of a package that targets illegal phoenixing, where company assets are sold off to avoid paying creditors.
It would create new criminal and civil offences for directors and others who carry out or help with deals that strip a company of property and defeat creditors.
One new strict liability offence would apply to anyone who fails to obey an order from the corporate regulator to return property obtained through such a deal.
- Introduces new offences for creditor-defeating dispositions of company property.
- Penalises those who engage in or facilitate such dispositions.
- Allows liquidators and the corporate regulator to recover the property.
Company officers, persons who facilitate property dispositions, and liquidators and the Australian Securities and Investments Commission (ASIC).
Sources
em
billhome
frl act