Business
Phoenixing: how unscrupulous dealers rise debt-free from the ashes of failed companies – The Guardian
The Australian tax office claims it has been ripped off by as much as hundreds of millions of dollars under mass tax evasion schemes allegedly run by professional advisers
Australia is in the grip of a new wave of tax evasion and money laundering allegedly orchestrated by unscrupulous firms of professional advisers, including accountants.
The schemes involve phoenixing the art of liquidating a company and allowing the directors to rise from the ashes in a new entity, free of debts and prior to the Covid-19 crisis, a number of them were being intensively targeted by the Australian tax office.
Although the government put a moratorium on companies being wound up by…
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