New company directors from Monday will have 28 days to sign up for a new lifelong identification number or face penalties under a regulatory overhaul aimed at preventing unlawful practices such as phoenixing.
Existing company directors will have until November next year to comply or face fines or even criminal penalties.
From April next year, any new appointee to a board made under the Corporations Act will need to get their unique 15- digit number before they start their roles, under new rules that form part of the Commonwealth’s Modernising Business Registers (MBR) program.
The Australian 1/11/21