On 22 June, Gadens published an article saying that Australian directors and corporations now face a significant new administrative burden as the long-time-coming registry modernisation legislation passed without amendment on 12 June. This will bring in a new Director Identification Number (DIN) regime. In addition, a new Commonwealth Business Registry will be established as a contemporary centralised business register. It seems likely that the Minister will appoint a registrar to administer the new DIN requirements possibly in early 2021. The DIN regime is intended to further the cause of combatting illegal “phoenixing”.
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