A proposed aspect of reform to target phoenix activity, a Director Identification Number (DIN) is a unique identification code given to directors of Australian companies to stop companies being stripped of assets, liquidated, and restarted, leaving creditors out of pocket (i.e. phoenixing).
Director Identification Numbers will allow authorities to track the activities of individual directors through various government databases and map their relationships with other directors and companies, helping enforcement agencies make vital connections between companies and the people that operate them to establish phoenix activity.
Civil and criminal penalties will apply for misuse of the Director Identification Number system, and in order to obtain a Director Identification Number, other forms of legally recognised identification will need to be produced.
Read more here.
Please note that the bill legislating for Director Identification Numbers lapsed following the federal election in April 2019, and will need to be re-introduced for discussion and assent to become law.