The FINANCIAL -- The Gillard Government is proposing tough new measures to crack down on 'phoenix' company activity under draft laws released today, said Parliamentary Secretary to the Treasurer, David Bradbury.

The draft Corporations Amendment 2012 and the Corporations Amendment Bill 2012,which will implement key components of the Gillard Government's Protecting Workers' Entitlements 2010 election commitment, have been released for public consultation.

The Similar Names Bill imposes personal liability upon directors for the debts of 'phoenix' companies that are set up using a similar name to a failed company that has left unpaid creditors behind.The draft Phoenixing Bill, which has also been released by the Gillard Government for consultation includes amendments to the Corporations Act to provide the Australian Securities and Investments Commission with an administrative power to wind up abandoned companies and to facilitate the online publication of notices and gazettals relating to external administrations.

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