• Andrew Bayly: Commerce Minister on the incoming changes to the Companies Act

  • Aug 15 2024
  • Duración: 6 m
  • Podcast

Andrew Bayly: Commerce Minister on the incoming changes to the Companies Act

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  • Balancing directors' safety and accountability is the goal of the Commerce Minister's shake up of the Companies Act.

    Andrew Bayly is looking to make it harder to "phoenix", in which assets are transferred from indebted companies to new ones, leaving the former to face insolvency.

    He says they want to make it easier to catch directors doing the wrong thing, which will be done by assigning every director a unique digital number.

    Another measure is allowing directors to take their home addresses off the companies register.

    Andrew Bayly says there's a perception of risk, especially among female directors, and they will instead be able to list a more work-related address such as an office, or a related entity like a lawyer or an accountant.

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