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Dodgy insolvency practitioners will now find it harder to facilitate illegal phoenix activity under the government’s new rules to restrict the voting right of certain creditors to prevent collusion.
Assistant Treasurer Stuart Robert has announced the introduction of the new insolvency practice rules that will restrict the voting rights of certain creditors related to the phoenix company to ensure the interests of honest creditors are not affected by those complicit in illegal phoenix activity.
Read more at the Accountants Daily.