MPs urged to stop companies going into liquidation to avoid paying creditors and workers’ entitlements

New criminal penalties and a scheme to identify company directors are urgently needed to crack down on the scourge of illegal phoenixing activity, according to the peak body of insolvency practitioners.

Both measures are contained in the Morrison government’s Combating Illegal Phoenixing bill but the Australian Restructuring Insolvency & Turnaround Association is frustrated at the pace of reform after the bill was allowed to lapse at the May election.

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Read More Government dragging its heels on phoenixing crackdown, critics say

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