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Contractors of Sample Homes who did not get paid then complained to ATO via the ATO Tip-Off form (Phone: 1800 060 062) as they suspected illegal phoenix activity.
After an investigation by ASIC and the ATO, Joe was charged with breaching his director duties obligations under the Corporations Act and was imprisoned for 2 years.
They may be subjected to the same penalties if it is proved they aided, abetted, counselled or procured a director to engage in illegal phoenix activity.
The warning signs of illegal phoenix activity can include: Not all company failures involve illegal phoenix activity as genuine company failures do occur.
The key difference between a legitimate phoenix business rescue and illegal phoenix activity is the director’s dishonest intentions.
Carlos prepared an Asset Sale Agreement to give the impression that Sample Homes (Vic) had purchased the assets legitimately.
Carlos had Joe sign the Asset Sale Agreement on behalf of each company and advised him not to pay the amount stated in the Agreement.
Joe sought advice from his accountant, Trevor, who said he needed to take urgent steps to stop the company collapsing.
Trevor introduced Joe to Carlos, a pre-insolvency adviser who offered to restructure the business for ,000.