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Question:
Topic:
The phoenix rose from the ashes in Greek mythology. In a similar vein, in corporate law, voluntary administration aims for financially stricken companies to rise from the ashes ie to be restructured and restart their trading life. However, some (directors) take advantage of phoenixing to simply jettison their debts. Illegal phoenix activity has long been a law reform issue for ASIC and the Australian Government. In recent press, ASIC has made clear its concerns about illegal phoenix activity during COVID 19: https://newshub.asic.gov.au/covid-19-closing-a-company-and-where-to-get-help/
Task:
Critically analyse the present laws on illegal phoenix companies. In the course of your analysis, legally examine recent and ongoing law reform on the topic; and evaluate why the issue is so important for both Covid 19 and also the building and construction industry
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