From www.smsfadviser.com: A recent Federal Court decision highlights the importance of complying with the Corporations Act’s requirement for written director consent during company appointments.

The case demonstrated that failure to maintain updated records with ASIC and validate director appointments could lead to significant consequences, including the potential loss of a family home during insolvency proceedings.

Legal experts warn that disregarding these legislative mandates poses material risks for advisers when establishing and managing company directorships.