N@N

Labor lifts company takeover fees and bolsters phoenixing crackdown

The Australian Financial Review article discusses the Australian Labor government's recent legislative changes aimed at enhancing corporate governance and financial regulations. The government has increased the fees for company takeovers, with the cost for lodging a bidder's statement rising from $8,000 to $12,000, and the fee for lodging a target's statement increasing from $3,200 to $4,800. These fee hikes are part of a broader strategy to fund the Australian Securities and Investments Commission (ASIC) and ensure it has the resources needed to oversee corporate transactions more effectively. Additionally, the government is bolstering its crackdown on illegal phoenixing, a practice where company directors transfer assets from an indebted company to a new one to avoid paying debts. The new measures include stricter director identification requirements and enhanced powers for ASIC to investigate and penalize such activities, aiming to protect creditors and maintain market integrity.

Read the Full The Australian Financial Review Article at:
[ https://www.afr.com/politics/federal/labor-lifts-company-takeover-fees-and-bolsters-phoenixing-crackdown-20241218-p5kz7c ]