Combatting illegal phoenixing

In the submission, the AICD reiterated support for the introduction of director identification numbers (DINs) and for the removal of some personal information of directors from the public register due to identify fraud and security issues.

The AICD also expressed support for a phoenix hotline and for directors to be obliged to notify ASIC of their appointments and resignations (provided the regulator’s systems facilitate streamlined lodgement of notices).

In addition, the AICD recommended vigorous enforcement of existing anti-phoenixing laws and a review of the penalties applying to breaches of those laws.