Commonwealth legislation

Corporations Amendment (Phoenixing and Other Measures) Proclamation 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This Proclamation is the legal "on-switch" for new powers targeting illegal phoenix activity.

What it does: It fixes 1 July 2012 as the day Schedules 1 and 2 of the Corporations Amendment (Phoenixing and Other Measures) Act 2012 commence (come into force).

Why it matters: Phoenixing is when company directors shut down a company to avoid paying debts (like taxes or employee wages), then start a nearly identical business to keep operating. While this Proclamation doesn't contain the actual anti-phoenixing rules, it triggers the start of new enforcement powers allowing regulators to pursue directors who engage in this practice.

Key details:

Commencement date: 1 July 2012
Provisions affected: Schedules 1 and 2 of the parent Act
Made by: The Governor-General on 14 June 2012, acting under the commencement powers in section 2 of the Act itself

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Current sections

Direct links to the current provisions in Corporations Amendment (Phoenixing and Other Measures) Proclamation 2012.

Corporations Amendment (Phoenixing and Other Measures) Proclamation 2012

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Commonwealth Coat of Arms

Corporations Amendment (Phoenixing and Other Measures) Proclamation 2012

Corporations Amendment (Phoenixing and Other Measures) Act 2012

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under item 2 of the table in subsection 2 (1) of the Corporations Amendment (Phoenixing and Other Measures) Act 2012, fix 1 July 2012 as the day on which Schedules 1 and 2 to that Act commence.

Signed and sealed with the Great Seal of Australia on 14 June 2012

QUENTIN BRYCE Governor-General

By Her Excellency’s Command

BERNIE RIPOLL

Parliamentary Secretary to the Treasurer

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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Corporations Amendment (Phoenixing and Other Measures) Proclamation 2012

Corporations Amendment (Phoenixing and Other Measures) Act 2012

Signed and sealed with the Great Seal of Australia on 14 June 2012

QUENTIN BRYCE Governor-General

By Her Excellency’s Command

BERNIE RIPOLL

Parliamentary Secretary to the Treasurer