Anti-phoenixing laws rise

Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (the Act) was passed on 5 February 2020 and is expected to come into effect soon. The Act targets illegal phoenix activity, which involves the deliberate liquidation and transfer of a company’s assets to a new company that essentially operates the same business in order to avoid tax and other liabilities. The Act aims to deter companies and directors from participating in illegal phoenix activity through the introduction of new offences that have severe penalty provisions. Both criminal and civil penalties apply, with the potential of 10 years imprisonment for individuals and fines up to $9,450,000 or 10% of a company’s an

ASIC Digs Deeper into Mining IPOs: New Recommendations for Directors and Lead Managers

After recently conducting an investigation into the conduct of Initial Public Offerings (IPO) in the mining and exploration industry, ASIC has found there to be widespread instances of misconduct, substandard compliance controls and poorly managed conflicts of interest. Directors, lead managers and advisers alike have come into the firing line, with ASIC expressing concern over the harm that this conduct is causing, particularly to retail investors. In response, ASIC has announced that it will be monitoring all companies conducting an IPO, not just those in the mining and exploration industry, to ensure that the recommendations set out in ASIC’s recently released Report 641 "An inside look a

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