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When did that Director resign?
Perrier Ryan • February 16, 2021
18 February 2021 marks the date that grants new powers to ASIC such that:
- If ASIC is not notified of a person's resignation as a Director within 28 days, then the resignation as a Director will be recorded as effective on the day that written notice is lodged with ASIC;
- The person or the company would need to apply to ASIC (within 56 days) or the Court, for the record to be corrected to the actual date of resignation.
This move is part of new legislation to hold Directors accountable in the context of illegal phoenixing activity and to prevent the improper backdating of Director resignations.
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