Business Ethics and the Legality of the Phoenix
We all think of a phoenix as a majestic and magical creature burning to dust and rising from the ashes. But did you know company Directors can do that same thing? Phoenixing is where a company director liquidates a business, and then builds it again, except without their liabilities, and it’s illegal. But the Government is looking to stop this activity, by introducing a Director’s Identification Number.
The Daily, spoke to Louise Petschler, General Manager of Advocacy, at the Australian Institute of Company Directors, about how these numbers will work.