Funny coincidence, I was only reading an interesting article...

Funny coincidence, I was only reading an interesting article from the ASIC website today that gave an example of why a company may want to change names....

What is illegal phoenix activity? Illegal phoenix activity occurs when a director of a company that can't pay its debts transfers the company's assets to a new company for little or no payment. Directors take this illegal action to avoid paying creditors of the old company when it is liquidated.  Find out more about illegal phoenix activity on the ASIC website.

What to do if you are a victim of director fraud. If you think a company director is defrauding investors by using company funds for personal gain, you can report it to your local police or major fraud squad in your state.You can also report misconduct to ASIC. See ASIC's running of companies web page for more information.