John Winter, CEO - Australian Restructuring Insolvency and Turnaround Association, joins Michael to talk about ‘phoenixing’, a practice in the building industry where under-capitalised companies intentionally go into liquidation to avoid paying creditors and workers’ entitlements.

 

Costing the economy up to $5 billion each year, Mr Winter said phoenixing has been "endemic" for decades.

 

"It's become a learned behaviour in the property market because it's gone on for so long (and) because nobody has really been prosecuted to any great extent," Mr Winter said.