Minister Goldsmith eyes fake building company wind downs, Ponzi clawbacks

Wed, 18 Nov 2015

By Paul McBeth Nov. 19 (BusinessDesk) - Commerce Minister Paul Goldsmith wants to know whether there are problems in the building sector where companies are wound up to dodge unpaid debts and whether better ways exist to claw back funds lost in Ponzi schemes, tasking a group of insolvency experts to test the current law. The working group will look at whether there are problems with the voluntary liquidation of companies, including the use of phoenix firms where assets are transferred to a near-identical entity to dodge liabilities, and w...

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