The conundrum of phoenix activity: Is further reform necessary?
Matthew, Anne (2015) The conundrum of phoenix activity: Is further reform necessary? Insolvency Law Journal, 23, pp. 116-135.
Phoenix activity presents a conundrum for the law and its regulators. While there is economic cost associated with all phoenix activity, the underlying behaviour is not always illegal. A transaction with indicators of phoenix activity may be an entirely innocent and well-intentioned display of entrepreneurial spirit, albeit one that has ended in failure. Restructuring post business failure is not illegal per se. Recent reforms targeting phoenix activity fail to grapple with the vast range of behaviour that can be described as phoenix activity since they do not differentiate between legal and illegal activity. This article explores the importance of the distinction between legal and illegal phoenix activity, the extent to which the existing law captures a range of behaviour that can be described as illegal phoenix activity and the response of key regulators and governmental bodies to the absence of single law that attempts to define illegal phoenix activity.
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|Item Type:||Journal Article|
|Keywords:||phoenix activity, corporate law, corporations, companies, fraud, illegal activity, corporations law, phoenixing, strategic insolvency, insolvency, insolvent trading, winding up, uncommercial transactions, corporate governance, directors duties, statutory duties, entrepreneur, small business|
|Subjects:||Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)
|Divisions:||Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
|Copyright Owner:||Copyright 2015 Thomson Reuters (Professional) Australia Limited|
|Deposited On:||03 Dec 2015 00:44|
|Last Modified:||22 Mar 2016 00:56|
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