The phoenix is rising again

The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from...
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Autor*in:	Radić Irena [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch ; srp

Erschienen:	2020

Schlagwörter:	"phoenix" companies limited liability abuse of corporate limited liability form abuse of insolvency tax avoidance

Übergeordnetes Werk:	In: Zbornik Radova Pravnog Fakulteta u Nišu - Faculty of Law, Niš, 2017, 59(2020), 88, Seite 247-269
Übergeordnetes Werk:	volume:59 ; year:2020 ; number:88 ; pages:247-269

Links:	Link aufrufen Link aufrufen Link aufrufen Journal toc Journal toc

DOI / URN:	10.5937/zrpfn0-27406

Katalog-ID:	DOAJ052008053

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spelling	10.5937/zrpfn0-27406 doi (DE-627)DOAJ052008053 (DE-599)DOAJ8f3262714500415986e3693102319d6f DE-627 ger DE-627 rakwb eng srp Radić Irena verfasserin aut The phoenix is rising again 2020 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from personal responsibility for corporate obligations. It also enables investors to limit their exposure to potential loss to their actual investment in company and to shift the risk of corporate insolvency to the business's creditors. By creating incentives for business ventures, the"corporate veil" of limited liability principle is beneficial to corporate shareholders and the society in general. However, it also opens the door for different kinds of abuses, one of which is embodied in the emergence of "phoenix" companies. A "phoenix" company is usually defined as a new company that arises from the ashes of its failed predcessor, taking over its assets and continuing its business, usually under the same or similar name, and with the same (de facto or de iure) controllers. The phenomenon of "phoenixism" encompasses a range of activities, some of which are legitimate and lawful means of saving the business in financial distress, while others are illegal and constitute an abuse of the corporate limited liability form and the abuse of insolvency and tax law; there are also different shades of grey inbetween the two. The aim of this paper is to describe the conceptual framework of "phoenix" companies, present the main indicators for detecting their activities, and categorise the various types of phoenix activity, with the aim of distinguishing between the harmful and beneficial "phoenixing". "phoenix" companies limited liability abuse of corporate limited liability form abuse of insolvency tax avoidance Law K In Zbornik Radova Pravnog Fakulteta u Nišu Faculty of Law, Niš, 2017 59(2020), 88, Seite 247-269 (DE-627)845967118 (DE-600)2844312-3 25603116 nnns volume:59 year:2020 number:88 pages:247-269 https://doi.org/10.5937/zrpfn0-27406 kostenfrei https://doaj.org/article/8f3262714500415986e3693102319d6f kostenfrei https://scindeks-clanci.ceon.rs/data/pdf/0350-8501/2020/0350-85012088247R.pdf kostenfrei https://doaj.org/toc/0350-8501 Journal toc kostenfrei https://doaj.org/toc/2560-3116 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_161 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2863 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_4753 AR 59 2020 88 247-269
allfields_unstemmed	10.5937/zrpfn0-27406 doi (DE-627)DOAJ052008053 (DE-599)DOAJ8f3262714500415986e3693102319d6f DE-627 ger DE-627 rakwb eng srp Radić Irena verfasserin aut The phoenix is rising again 2020 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from personal responsibility for corporate obligations. It also enables investors to limit their exposure to potential loss to their actual investment in company and to shift the risk of corporate insolvency to the business's creditors. By creating incentives for business ventures, the"corporate veil" of limited liability principle is beneficial to corporate shareholders and the society in general. However, it also opens the door for different kinds of abuses, one of which is embodied in the emergence of "phoenix" companies. A "phoenix" company is usually defined as a new company that arises from the ashes of its failed predcessor, taking over its assets and continuing its business, usually under the same or similar name, and with the same (de facto or de iure) controllers. The phenomenon of "phoenixism" encompasses a range of activities, some of which are legitimate and lawful means of saving the business in financial distress, while others are illegal and constitute an abuse of the corporate limited liability form and the abuse of insolvency and tax law; there are also different shades of grey inbetween the two. The aim of this paper is to describe the conceptual framework of "phoenix" companies, present the main indicators for detecting their activities, and categorise the various types of phoenix activity, with the aim of distinguishing between the harmful and beneficial "phoenixing". "phoenix" companies limited liability abuse of corporate limited liability form abuse of insolvency tax avoidance Law K In Zbornik Radova Pravnog Fakulteta u Nišu Faculty of Law, Niš, 2017 59(2020), 88, Seite 247-269 (DE-627)845967118 (DE-600)2844312-3 25603116 nnns volume:59 year:2020 number:88 pages:247-269 https://doi.org/10.5937/zrpfn0-27406 kostenfrei https://doaj.org/article/8f3262714500415986e3693102319d6f kostenfrei https://scindeks-clanci.ceon.rs/data/pdf/0350-8501/2020/0350-85012088247R.pdf kostenfrei https://doaj.org/toc/0350-8501 Journal toc kostenfrei https://doaj.org/toc/2560-3116 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_161 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2863 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_4753 AR 59 2020 88 247-269
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author	Radić Irena
spellingShingle	Radić Irena misc "phoenix" companies misc limited liability misc abuse of corporate limited liability form misc abuse of insolvency misc tax avoidance misc Law misc K The phoenix is rising again
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title_sort	phoenix is rising again
title_auth	The phoenix is rising again
abstract	The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from personal responsibility for corporate obligations. It also enables investors to limit their exposure to potential loss to their actual investment in company and to shift the risk of corporate insolvency to the business's creditors. By creating incentives for business ventures, the"corporate veil" of limited liability principle is beneficial to corporate shareholders and the society in general. However, it also opens the door for different kinds of abuses, one of which is embodied in the emergence of "phoenix" companies. A "phoenix" company is usually defined as a new company that arises from the ashes of its failed predcessor, taking over its assets and continuing its business, usually under the same or similar name, and with the same (de facto or de iure) controllers. The phenomenon of "phoenixism" encompasses a range of activities, some of which are legitimate and lawful means of saving the business in financial distress, while others are illegal and constitute an abuse of the corporate limited liability form and the abuse of insolvency and tax law; there are also different shades of grey inbetween the two. The aim of this paper is to describe the conceptual framework of "phoenix" companies, present the main indicators for detecting their activities, and categorise the various types of phoenix activity, with the aim of distinguishing between the harmful and beneficial "phoenixing".
abstractGer	The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from personal responsibility for corporate obligations. It also enables investors to limit their exposure to potential loss to their actual investment in company and to shift the risk of corporate insolvency to the business's creditors. By creating incentives for business ventures, the"corporate veil" of limited liability principle is beneficial to corporate shareholders and the society in general. However, it also opens the door for different kinds of abuses, one of which is embodied in the emergence of "phoenix" companies. A "phoenix" company is usually defined as a new company that arises from the ashes of its failed predcessor, taking over its assets and continuing its business, usually under the same or similar name, and with the same (de facto or de iure) controllers. The phenomenon of "phoenixism" encompasses a range of activities, some of which are legitimate and lawful means of saving the business in financial distress, while others are illegal and constitute an abuse of the corporate limited liability form and the abuse of insolvency and tax law; there are also different shades of grey inbetween the two. The aim of this paper is to describe the conceptual framework of "phoenix" companies, present the main indicators for detecting their activities, and categorise the various types of phoenix activity, with the aim of distinguishing between the harmful and beneficial "phoenixing".
abstract_unstemmed	The separation of company assets from the assets of its shareholders and the limited liability of company shareholders are two fundamental principles of company law. The principle of limited liability places a "corporate veil" betweeen the company and its shareholders, protecting them from personal responsibility for corporate obligations. It also enables investors to limit their exposure to potential loss to their actual investment in company and to shift the risk of corporate insolvency to the business's creditors. By creating incentives for business ventures, the"corporate veil" of limited liability principle is beneficial to corporate shareholders and the society in general. However, it also opens the door for different kinds of abuses, one of which is embodied in the emergence of "phoenix" companies. A "phoenix" company is usually defined as a new company that arises from the ashes of its failed predcessor, taking over its assets and continuing its business, usually under the same or similar name, and with the same (de facto or de iure) controllers. The phenomenon of "phoenixism" encompasses a range of activities, some of which are legitimate and lawful means of saving the business in financial distress, while others are illegal and constitute an abuse of the corporate limited liability form and the abuse of insolvency and tax law; there are also different shades of grey inbetween the two. The aim of this paper is to describe the conceptual framework of "phoenix" companies, present the main indicators for detecting their activities, and categorise the various types of phoenix activity, with the aim of distinguishing between the harmful and beneficial "phoenixing".
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