CorpSec Services has recently had an influx of requests for assistance from officeholders and other ASIC registered agents to rectify company details recorded on ASIC’s Companies Register.
The most commonly requested corrections have been:
Corrections to officeholders’ names. This can be correcting a simple spelling mistake, adding a middle name or changing an abbreviated given name to reflect a director’s legal given name. The process to correct an officeholder’s name or other personal details depends on how the officeholder was appointed.
Corrections to the beneficial holding of shares. The question of whether shares are held beneficially or non-beneficially is often misunderstood, resulting in ASIC’s records often incorrectly reflecting the beneficial owner of the shares.
Corrections to share capital inconsistencies or errors. This is by far the most complicated rectification work we are asked to do. It can involve tracing through a company’s share lodgement history or Register of Members to identify where an error has occurred and then determining how to rectify it. We have withdrawn and corrected countless previously lodged forms relating to share capital. These errors often occur because those lodging the forms don’t fully understand the complexity of the questions asked in the forms or ASIC’s processes. Each error needs an assessment to identify how it occurred and how to rectify it. It can involve multiple forms. There is no one simple fix for all problems.
Corrections to company, officeholder or member addresses. Corrections to addresses are ongoing and never-ending.
The influx of corrections to directors’ names has been sparked by the introduction of the Director ID Number and also banks becoming increasingly more stringent requiring directors’ names recorded by ASIC to be identical with their primary identification documents.
The team at CorpSec Services love a share capital challenge. We haven’t yet had a share capital error we haven’t been able to rectify. We can also reconstruct a company’s Register of Members from date of incorporation to present which is in compliance with section 169 of the Corporations Act 2001 (Cth). Downloading a company’s share capital balance from ASIC at a point in time to create a Register of Members is not in compliance with the Corporations Act requirements.
The team at CorpSec Services can assist with any rectification work to company details. Please contact us at team@corpsecservices.com.au for any enquires.
