The corporate regulator is taking a sledgehammer approach to company directors yet to sign up for a Director Identification Number, a senior lawyer says, as industry leaders question if the mandatory scheme is still fit for purpose.
Mark Addison, general counsel at Keypoint Law, this week said a client received a letter from the Australian Securities and Investments Commission (ASIC), informing them that they were under investigation.
Addison said the letter came as a shock to the client, who is a director of a company under liquidation, and another company which is inactive.
After contacting ASIC, the client was purportedly told the letter related to their lack of a Director Identification Number (DIN).
The company director promptly obt…
Read the full article at: https://www.smartcompany.com.au/business-advice/legal/director-identification-number-asic-letter-compliance-report/