BULAW5915 - Law - Corporate Law - The Black Economy Taskforce - Report Writing Assignment Help

BULAW5915 Corporate Law  The Black Economy Taskforce Report Writing Assignment Help

Assignment Task:

Topic
In October 2017, the Black Economy Taskforce Final Report (Report) was released. The Report, and related links, can be accessed through the Treasury (treasury.gov.au) website. The Black Economy Taskforce itself is ongoing.

Executive Summary of the Report several ‘High Priority Recommendations’ are set out. Included in recommendation 6 ‘Tougher and more visible enforcement’ is a recommendation for new and strengthened penalties for phoenixing (amongst other things). Recommendation 16. Phoenixing suggests ‘tougher and targeted
promoter penalties, better early detection, and asset clawbacks’.

Required:
1. Explain, in your own words, what is meant by the terms ‘the black economy’; and ‘phoenixing’’ 

2. What are the estimated costs to the Australian economy of phoenixing? 

3. In which industries is phoenixing most prevalent? Why do you think this is the case?

4. What are the difficulties faced by regulators in pursuing phoenix entities? In your response consider the role of directors and other ‘controlling minds’. 

5. What sources, or early warning signs, may assist in the early identification of phoenix activity? 

6. What proposals or recommendations are identified in the Report to address the increase of illegal phoenix activity in Australia? Do you think they will be effective –
give reasons. 

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