While we are waiting for the next move from our NZ friends it...

While we are waiting for the next move from our NZ friends it may be a good time to check out Phoenix Activity in preparation for anything unsavoury that comes our way.

Phoenix Activity

"Phoenix activity occurs when the director(s) transfer assets from an indebted company into a new company and continue the business of the indebted company without paying consideration for the value of the transferred assets. Using that new company, the indebted company has resurrected through a different entity."

From ASIC's perspective, the key characteristics of illegal phoenix activity involve circumstances where:

A company fails and is unable to pay its debts;
Directors of that company act in a manner which intentionally denies unsecured creditors (usually small businesses and employees) equal access to that company’s assets in order to meet unpaid debts; and
Within some period of time soon after the failure of the initial company (usually within 12 months), a new company commences using some or all of the assets of the former business, and is controlled by parties related to either the management or directors of the previous entity.

https://asic.gov.au/regulatory-resources/corporate-governance/corporate-governance-articles/illegal-phoenix-activity/

http://www.jhklegal.com.au/rising-from-the-ashes-a-brief-overview-of-phoenix-activity/