Director Identification Number (DIN) update

Background While Australian law has always required a director's details to be lodged with the ASIC, there has not been a mechanism to verify this data until the introduction of the DIN. Prior to its introduction, there were numerous issues in relation to the accuracy and reliability of the register. These issues included:

• Inconsistent and duplicate entries for the same director. It's not uncommon to see the same director with a birth date, without a birth date, with and without middle names listed as numerous directors on the register;
• Fraudulent names - Donald Duck and Luke Skywalker have been known to have been used from time to time. The associated Illegal 'phoenix' activity that results from fraudulent names being added to the register is something that the DIN system is addressing; and