Experts concerned over ASIC’s lack of phoenixing prosecutions

Experts say little has changed in illegal phoenixing since the $105 million Plutus tax fraud, as the building industry deals with a wave of claims about multi-million dollar tax-dodging schemes operating over decades.

University of Sydney Business School Professor Clinton Free found in a recently published analysis that despite the former Morrison government introducing laws to combat illegal phoenixing in 2020, the corporate watchdog had not yet used the new powers to bring criminal or civil prosecutions.