The Productivity Commission, Corporate Insolvency and Phoenix Companies

Company and Securities Law Journal, Vol. 33, No. 6, pp.425-429, 2015

6 Pages Posted: 7 Dec 2016

See all articles by Helen L. Anderson

Helen L. Anderson

Melbourne Law School

Ann O'Connell

University of Melbourne - Law School

Ian Ramsay

Melbourne Law School - University of Melbourne

Michelle Anne Welsh

Monash Business School

Hannah Withers

Melbourne Law School

Date Written: September 1, 2015

Abstract

In May 2015 the Productivity Commission released its Draft Report ‘Business Set-up, Transfer and Closure’. This research note does not deal with the broad range of issues touched on by the Productivity Commission. Instead, it concentrates on those matters relating to corporate insolvency and the recommendations relevant to dealing with phoenix companies. The first of these is an encouragement to earlier entry into voluntary administration. The second is the voiding of ipso facto clauses. The third is designed to reduce the time and expense involved in liquidations with few or no assets. The authors also discuss the adoption by the Productivity Commission of their recommendation relating to director identification numbers. This reform is aimed at eliminating the problem of fictitious identities being used for company directorships when new companies are registered and will also assist the Australian Securities and Investments Commission in detection of other wrongdoing.

Keywords: Corporate insolvency, phoenix companies, company incorporation

Suggested Citation

Anderson, Helen L. and O'Connell, Ann and Ramsay, Ian and Welsh, Michelle Anne and Withers, Hannah, The Productivity Commission, Corporate Insolvency and Phoenix Companies (September 1, 2015). Company and Securities Law Journal, Vol. 33, No. 6, pp.425-429, 2015, Available at SSRN: https://ssrn.com/abstract=2881662

Helen L. Anderson

Melbourne Law School ( email )

University of Melbourne
Melbourne, 3010
Australia
+61 3 90355467 (Phone)

Ann O'Connell

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

Michelle Anne Welsh

Monash Business School ( email )

Wellington Road
Clayton, Victoria 3168
Australia

Hannah Withers

Melbourne Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

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