ASIC Director Resignation Changes

From 18 February 2021, if you resign as director of a company, you or the company need to notify ASIC within 28 days of resignation.  A director can personally write to ASIC to notify them of their resignation if concerned that the company will not do the paperwork.

Where you or the company do not notify ASIC within 28 days, the effective resignation date will be the date notice was lodged.

For example, if you resign on 1 March 2021 but neither you nor the company notify ASIC until 1 August 2021, your resignation date will be recorded as 1 August 2021.  Late fees will still apply.

To fix the resignation date to a date earlier than 28 days, applications must be made to ASIC (if less than 56 days late) or the court.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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