Balancing directors' safety and accountability is the goal of the Commerce Minister's shake up of the Companies Act. Â
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. Â
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.Â
Another measure is allowing directors to take their home addresses off the companies register. Â
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.Â
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