ASIC surveillance on illegal phoenix activity

ASIC has revealed details of its surveillance program to combat illegal phoenix activities. It said its actions include removing directors who have been involved in two or more failed companies from the industry

ASIC said it has so far identified a target group of 1,400 companies and is now paying special attention to approximately 2,500 individuals who were directors at the time these companies failed or ceased being directors shortly before the companies were wound up.