Parramatta Commerce & Industry – Phoenix Activity Presentation

Ben Sewell will be presenting a seminar on phoenix activity to the Parramatta Commerce and Industry CPA. The questions for discussion will include the following:

1. What is phoenix activity and why are we reading about it more now?
2. What are the legal penalties for phoenix activity?
3. Why isn’t there a specific law against it? Why isn’t there a definition of phoenix activity in the Corporations Act?
4. Who is the big loser with phoenix activity? How much does it cost?
5. What is the controversy regarding “pre-pack insolvency arrangements”? Can it really be legal to transfer an insolvent business to a related party?
6. Tell us about valuation. What is the level of consideration required?
7. Insolvency practitioners have gotten the pointy end of the stick with phoenix activity – can you tell us about the Franklin case?
8. There is a lot of material about “phoenix operators” – what does phoenix activity look like? Who are these people and their clients?
9. Tell us about Plutus payroll – did they really get away with $165 million? How did they do it?
10. There is a case of a solicitor being accused of phoenix activity – what happened in the case?
11. What is the direction of government policy going forward? How do you think the law will develop in this area?

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