A person cannot manage a business if they are: 1. a bankrupt, or have been convicted of certain types of offences under s206B of the Corporations Act. 2. have been convicted of certain types of offences under s32(1) of the Business Names Registration Act 2011. If a person has been convicted of certain types of offences they are automatically disqualified from managing a company for five years. ASIC can also disqualify or ban a person from managing a company for up to five years if: they have been involved in two or more failed (liquidated) companies in the last seven years, and a liquidator has lodged a report with ASIC for each of the companies about the companies’ inability to pay its debts. It is a serious criminal offence to manage a company when disqualified.

As a director you must act honestly, in the best interests of the company, and with reasonable care at all times. Exercising your power as a director for a proper purpose, not allowing, agreeing or causing the business to be carried out in a way likely to create a substantial risk of serious loss to the company’s creditors, taking the care, diligence and skill that a reasonable director would exercise in the same circumstances, ensuring the company can pay all its debts and has more assets than liabilities and complying with the Company Act. I consent to work as a Director/Public Officer or ABN holder