The government has moved to tighten the rules around director resignations in a bid to crack down on backdating and company abandonment.
With the wheels of the legislature moving again this week, the returned Coalition government yesterday introduced half a dozen reforms into parliament aimed at tackling the black economy.
Under reforms tabled in the lower house directors would no longer be allowed to resign if doing so would leave their company without a director.
Current rules allow directors to be removed by a resolution of company members at any time, subject to its constitution.
The changes will also look to prevent the backdating of director resignations by tightening corporate regulator ASICs notification process, although co…
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