AUSTRALIA: DIRECTOR IDENTIFICATION NUMBERS – DRAFT LEGISLATION NOW OPEN FOR COMMENT

Hodling Redlich on 3rd October published an article about the Australian Treasury’s draft legislation to modernise and consolidate Australian business registers and to adopt a new system to create Director Identification Numbers (DIN) for company directors.  Among the changes are those designed to consolidate over 35 business registers into a single streamlined, flexible and technology neutral platform, overseen by a single entity. Initially, the regime will apply to registers maintained by Australian Securities and Investments Commission (ASIC).  The DIN are intended to target “phoenix” activities, where company controllers shut down an existing entity and transfer its assets to a new company as a means to avoid debts and liabilities, leaving creditors out of pocket.  Directors will be obliged to verify their identity with ASIC and will be issued a DIN.  The article says that a second set of draft legislation will include details around implementation.

The draft legislation is at –

https://treasury.gov.au/consultation/c2018-t330649/

https://www.holdingredlich.com/director-identification-numbers-c-c

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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