On 6th June, Swaab published an article about a Bill which proposes a director identification number (DIN) requirement as part of a suite of initiatives the Commonwealth Government is implementing in an attempt to detect, deter and penalise phoenix activity – described by the government as being ‘when the controllers of a company deliberately avoid paying liabilities by shutting down an indebted company and transferring its assets to another company’.  Currently, the article says, director details lodged with the registration authority by a company are not verified by it and, as a result, it is difficult for it and other regulators to trace a director’s relationship across different companies.  Under the Bill, directors will be issued with one unique, permanent and non-transferable DIN which they will need to disclose to the authority each time they seek registration as a director of a company.

India has a similar system, see –

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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