ASIC has launched a crackdown against phoenix activity – something that is said to cause "enormous frustration" among printers.
The corporate watchdog announced it would target directors "with a history of failed companies". Phoenix activity costs the Australian economy more than $3 billion annually, according to ASIC.
Printing Industries Association of Australia welcomed the move, with chief executive Bill Healey telling ProPrint that phoenixing caused "enormous frustration" in the industry.
Healey said it was hard to define and police phoenix activity, but it was something the industry needed to do if it wanted to be sustainable.
He also called on ASIC to carefully monitor Deeds of Company Arrangements, which allow insolvent companies to keep trading while being overseen by an administrator.
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ASIC said it had drawn up a suspect list of 2,500 individuals from 1,400 companies. It is unclear how many of them are from the printing industry; ASIC did not respond to ProPrint's request for comment.
Commissioner Greg Tanzer said ASIC would pay particular attention to building and construction, labour hire, transport, security and cleaning.
"We are looking at failed companies, mostly within the small business sector, from July 2011 onwards where there have been allegations of illegal phoenixing," he said.
"In some cases, company failures are nothing more than bad luck. But there are some people who deliberately walk away without any intention of meeting liabilities and establish a new company to conduct the same business. We are committed to weeding out these individuals."
Tanzer said phoenix activity had "far-reaching and unfair consequences".
"Employees are robbed of wages and entitlements, and creditors – many of whom are small businesses – are left behind with a pile of debts. There are also significant unpaid tax liabilities which have a detrimental impact on tax revenue."
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