ASIC Has Removed Director Addresses from Public Searches - Here’s What Still Matters
ASIC has recently changed what information appears on publicly available company search extracts, removing directors’ residential addresses from general access. For many directors, this is a welcome development and a meaningful step forward for personal privacy and safety.
However, it would be a mistake to assume that address details are no longer important or relevant. While the information is no longer visible to the public, ASIC continues to collect and retain directors’ addresses, and those details remain accessible to regulators and used for a range of statutory purposes.
The key point for directors is this: the underlying legal obligations have not changed.
Directors are still required to ensure their address details held by ASIC are accurate and up to date. This is not a mere administrative formality. ASIC and other authorities rely on these records when issuing formal notices, including critical enforcement documents.
One significant example is a Director Penalty Notice (DPN). These notices are still sent to the address recorded with ASIC. If the address is outdated, a director may not become aware of the notice until it is too late to respond, potentially exposing them to personal liability.
This change also has implications beyond directors themselves. If your business regularly obtains personal guarantees from directors, for example, in financing arrangements, supply agreements or leases, it is no longer safe to assume you can later source address details through an ASIC search. Instead, you should ensure that directors provide their current residential address at the time the guarantee or contract is signed, and the information is clearly recorded in the agreement or accompanying documentation.
As a practical matter, collecting dates of birth can also be helpful. This assists with accurate identification and enforcement if issues arise down the track, particularly where directors have common names or multiple directorships.
Key Takeaways
The removal of director addresses from public ASIC searches improves privacy, but does not reduce compliance obligations.
Directors must still keep their address details current with ASIC.
Important notices, including Director Penalty Notices, will continue to be sent to the recorded address.
Businesses should review their contracting processes to ensure they independently collect and retain directors’ personal details when relying on guarantees.
If you would like advice on how these changes may affect you or your business, or assistance reviewing director obligations or personal guarantee arrangements, please contact our Commercial Team.
The material in this article was correct at the time of publication and has been prepared for information purposes only. It should not be taken to be specific advice or be used in decision-making. All readers are advised to undertake their own research or to seek professional advice to keep abreast of any reforms and developments in the law. Brown Wright Stein Lawyers excludes all liability relating to relying on the information and ideas contained in this article.
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Amanda Comelli
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