THE DTIC PUBLISHES INTENTION TO INTRODUCE TWO COMPANIES AMENDMENT BILLS IN PARLIAMENT
AT LONG LAST!!!!
The DTIC has published a notice of intention to introduce two Companies Amendment Bills in Parliament.
These Bills are expected to, among other things, provide for the disclosure of executive remuneration and extend the time bars applicable to applications for director delinquency and proceedings to recover loss due to director liability.
The effects these amendments will be far reaching for directors.
In the case of s162, a director could be declared delinquent even when they have not been a director in a particular company for a lengthy period of time.
In the case of s77(7), a director could now remain “on the hook”, even where an arguably reasonable period has lapsed before the launching of proceedings to recover loss if a court determines that the time period should be extended.