Curated updates from ASIC, ATO, Fair Work, and regulators – stay informed on due diligence risks.
The Federal Court ruled against the shadow director of a collapsed formwork company, finding the business attempted to leave behind millions of dollars in tax debts through a phoenixing scheme. The ruling opens the door for liquidators to claw back more than $9 million in "uncommercial" transactions.
ASIC delivered 150 administrative enforcement outcomes in 2025-26, including the removal or restriction of 87 individuals and businesses from providing financial services. Of the 36 director disqualifications, 18 were for the maximum five-year period.
ASIC disqualified Antonio Torcasio of Melbourne from managing corporations for the maximum period of five years due to his involvement in the failure of eight companies across hair, beauty and retail industries – leaving over $3 million in unsecured debts, including more than $2.5 million owed to the ATO.
The Federal Court permanently disqualified former director Larry Dawson of NSW from managing corporations after finding he breached his duties by allowing his company to be used in a scheme that defrauded Australian investors of approximately $7 million in superannuation funds.
The Fair Work Ombudsman has commenced legal action against Hexacon Construction Pty Ltd, its director, and former accountant over alleged underpayment of a young construction worker and the provision of false pay slips – including knowingly providing false pay slips to the regulator.
ASIC has been granted new director disqualification powers: if ASIC reasonably believes a person has failed to apply for a DIN after being directed to do so, it may disqualify that person from managing corporations for up to three years – targeting directors who wilfully refuse to apply.
ASIC secured convictions and fines of $10,000 each against two directors for failing to hold a Director Identification Number (DIN). These prosecutions are the latest in a series of DIN enforcement actions, with ASIC now obtaining convictions against 11 directors and imposing total fines exceeding $40,000.
The Fair Work Ombudsman commenced legal action against Mann Consolidating Industries and its director for alleged breaches affecting a young worker – including failure to pay minimum wages, overtime, annual leave, and ignoring a Compliance Notice.
The Labour Hire Authority cancelled the licence of 24/7 Personnel Pty Ltd after finding the company failed to declare a 'relevant person' and knowingly provided false and misleading information. If the company provides services after the cancellation, it faces penalties of over $650,000.
ASIC disqualified Lambros Hilellis from managing corporations for the maximum period of five years due to his involvement in the failure of four companies. He is disqualified until 29 March 2031.
ASIC disqualified David John Parker of Coolangatta from managing corporations for the maximum period of five years due to his involvement in the failure of four companies. He is disqualified until 24 March 2031.
AUSTRAC's financial intelligence helped authorities convict a business owner who was carrying out illegal trading known as 'phoenixing' to evade company tax and fund his lifestyle and gambling.
The ATO issued over 84,000 Director Penalty Notices (DPNs) in FY 2024-25, triple the number from previous years. Commissioner Rob Heferen reported 22,000 taxpayers owe $11 billion in unpaid taxes – about 20 per cent of the total collectable debt.
The Labour Hire Authority cancelled the licence of B K Labour Hire Pty Ltd after an investigation found the company provided four falsified invoices to LHA – including invoices that were never issued or had been amended to falsify amounts and dates.
The Fair Work Ombudsman secured a total of $80,398 in penalties and back-pay after a Canberra electrical business breached workplace laws.
ASIC disqualified former Queensland Senator Claire Mary Moore from managing corporations for four years.
The Phoenix Taskforce brings federal, state and territory agencies together to combat illegal phoenix activity. Up until 31 December 2025, the Phoenix Compliance Program has raised more than $3.12 billion in liabilities from audits and reviews of illegal phoenix activities, and returned more than $1.35 billion to the community.