Senator calls for ASIC probe into Holden over 'potential phoenixing'

Senator Deborah O'Neill has called on the corporate regulator to investigate General Motors' plans to establish a new company that will import and sell GM vehicles in Australia.

Phoenixing involves the "rebirthing" of a business, with one company being stripped of its assets and having them transferred into a new entity that is essentially the same business. It is often illegal.in February this year, leaving its network of 185 car dealership franchisees adrift.The car giant said it would bring its General Motors Speciality Vehicles brand to Australia by converting selected models to right-hand drive for sale in Australia.

"I also note that this could involve current directors of GM Holden moving to Registered GM Special Vehicles, a new company that will import and sell GM vehicles in a manner almost identical to GM Holden."Holden has offered the dealers compensation of $1500 per vehicle for the next 2½ years alongside partial reimbursement for capital expenditure such as showroom refurbishments and a continuing service arrangement for dealers beyond the current franchise agreements.

The Australian Competition and Consumer Competition is also investigating GM Holden and the car giant is busy preparing its legal response.have been provided with a copy of an email from GM Holden's legal counsel to former GM Holden employees asking what representations they made to Holden dealers before Holden's closure.

Source: News Formal (newsformal.com)

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