Major projects linked to phoenix scams

By Staff Reporter

The Australian Securities and Investments Commission, the Australian Tax Office and the Fair Work Building and Construction agency are reportedly mulling criminal charges to tackle a problem that is believed to cost the economy as much as $3 billion a year. “The construction industry is the highest represented sector in illegal phoenixing activity,” Brett Bassett, ASIC’s senior executive for small business compliance and deterrence, told the AFR. “There are still a percentage of people who, even if they have had a knock on the door from ASIC, will still do the wrong thing.

Read more here: Business Spectator


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