Help! Get out of Directorship of Company

BrewerHaHa on 14/07/2022 - 17:56
Last edited 15/07/2022 - 11:24

Hi Guys, having a bit of a moment where I'm the director of a company but I'm no longer involved and I'm looking for an out. Some background below.

So my friend started a company, a Pty Ltd and at the time it was started I was appointed director with them and assisted when/where I could. My friend is an international resident on a visa and hasn't yet obtained PR or citizenship. At the moment I am no longer able to be a part of the company due to my job and don't want to be a director of the company. Right now we can't find an Australian PR or citizen to replace me (they must ordinarily reside in Australia according to ASIC website) and I believe this is a condition to having a company. What are my options to get out?

Thanks, Mr. Brewer

Edit: For those saying wind it up, I am not a shareholder and must act in their best interest. So I cannot wind it up, especially because it's making strides right now.
Edit 2: Thanks for the responses and replies from everyone, I appreciate reading your experiences and thoughts on my situation. I'm surprised that there were not more jokes on here other than the $300k salary one. My issue isn't resolved but will keep updating as time goes on.

Education & Work

Comments

    • BrewerHaHa on 16/07/2022 - 18:32

      Let's not bother hahaha! It's just in early stages so not much money in it :( But as I said earlier it's going well for where it is right now there might be more money in it in the future.

  • JaneSong on 18/07/2022 - 10:41

    I spoke to someone on the phone and they mentioned that it is almost impossible to remove yourself from the directors list if it ends up breaching the foreign investment rules. You are technically the last director right now. I don't know why people are still recommending action that doesn't exist.

    I guess they just want you to breach something and for it to become a criminal offence… "Ozbargainer gets thrown in jail for listening to randos on the web" "Received massive fine after listening to ozbargainers"

    • BrewerHaHa on 18/07/2022 - 17:27

      Hahaha. I am aware of this and will not be doing it. I'm writing on my own solution at the moment which will hopefully get this off my shoulders.

  • kiitos on 18/07/2022 - 13:09

    Why can you no longer be a director due to your other job?

    • Yola on 18/07/2022 - 16:53

      Did you read all the comments? It is discussed above why that is a problem.

    • BrewerHaHa on 18/07/2022 - 17:26

      As Yola said it was discussed earlier. But in short I have a regular job and can't commit anymore time to this

  • Vote for Pedro on 22/07/2022 - 20:18

    Any update on what you are doing

    • BrewerHaHa on 22/07/2022 - 23:11

      Hi Pedro, still working on a solution at the moment which is looking promising. Other than that, no updates but will update if anything changes.

    • BrewerHaHa on 02/09/2022 - 19:53
      +1

      Hi Pedro, I wanted to make an edit to the original post but it's locked right now.
      We've found a replacement to take on the role so I'm outta there. Thanks

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