One centralised business information register and director identification numbers

by Connie Chen Partner, and Alex Rhydderch Partner, and and Justin Liang Solicitor, Colin Biggers & Paisley Lawyers
  • Legislative package of bills paves the way to modernise how Commonwealth business registers are kept and accessed.
  • The changes are expected to be implemented in the first half of 2021.
  • Breaching the requirement to apply for a DIN prior to appointment will be a strict liability offence.

Royal assent has recently been received for a legislative package consisting of five bills including the: 

  • Commonwealth Registers Bill 2019
  • Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019
  • Business Names Registration (Fees) Amendment (Registries Modernisation) Bill 2019
  • Corporations (Fees) Amendment (Registries Modernisation) Bill 2019
  • National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Bill 2019 (together, the Registries Modernisation Law)

The Registries Modernisation Law will modernise the way that Commonwealth business registers are kept and accessed. It will also introduce a new concept of director identification numbers (DIN) which is aimed at combatting fraudulent phoenix activity. 

These changes will commence on a date fixed by proclamation (expected to be in the first half of 2021) or at the latest 23 June 2022. 

This article is exclusive to Governance Institute members and subscribers.

To read the full article…

or Become a member