There are a number of synonyms for phoenix activity, including asset stripping, phoenix trading, illegal phoenix, and phoenix arrangements. Unfortunately, there is no statutory definition for phoenix activity in the Corporations Act 2001 (Cth) and so the terminology varies in judgments and articles.
The fact is that unfair preference laws penalise the best Credit Managers. The faster and more effective Credit Managers get the best results and they outshine pedestrian Credit Managers.
AICM Magazine, Credit Management In Australia, December 2012
Want to avoid potential legal arguments with debtors looking for an excuse to avoid paying their accounts? Ben Sewell explains your first step should be to check your customer credit applications. This article assists credit managers to execute a review of customer credit applications.
Credit Managers will be aware that signs of doom and gloom are spreading
over the Australian economy. Company management will be looking to its credit managers to limit the downside risk from the inevitable fallout of a recession. One technique for limiting risk is to take security in the form of a personal guarantee from the proprietors of a debtor company.