NSW Liquidation - Sue Former Director for Phoenixing?

[Marv]

Hi.

We are the only creditor of a company in liquidation. The former director/owner was involved in phoenixing. He drained the company of assets (or hide it) and moved operations to another company. The liquidator has done hardly anything in two years, does not want to step down and let someone else take over and wants to finalise the liquidation.

ASIC did not want to start an investigation. What can we do? Is it possible for the court (when the liquidation is finalised) to issue some sort of a document that says that after the liquidation, if the creditor locates any property or finds legal ground to sue the former director, the creditor has rights as if he is in a way a legal successor?

Any response will be much appreciated, especially, if someone has experience with this or can quote a case or a piece of legislation.

Thank you!

 

[settle]

Find out new company details and do ASIC searches on it and report to ASIC and ATO about a potential illegal Phoenix company. The ATO will go hard on him if it'S an illegal arrangement.

most Phoenix arrangements are legal as they get the pre-involency advice for a restructure before the liquidation.