Industry experts and politicians are sounding the alarm over $5 billion problem, which is set to soar in coming months as company collapses reach pre-Covid levels.
They are concerned about illegal phoenixing operations – when a company deliberately goes into liquidation then starts again under a different name, essentially rising from the ashes like a mythical phoenix, to wipe away its debt.
If convicted, the crime carries a penalty of up to 15 years in jail for company directors and accomplices.
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