Corporations Act 2001

ASIC may disqualify a person from managing corporations for up to 3 years if:

within 7 years immediately before ASIC gives a notice under subparagraph (b)(i), ASIC reasonably believes that the person has contravened subsection 1272D(1); and

ASIC has given the person:

a notice in the prescribed form requiring them to demonstrate why they should not be disqualified; and

an opportunity to be heard on the question; and

ASIC is satisfied that the disqualification is justified, after having had regard to the following:

the person’s conduct in dealing with the Registrar under Part 9.1A (about director identification numbers);

whether the disqualification would be in the public interest;

any other matters that ASIC considers appropriate.

If ASIC disqualifies a person from managing corporations under this section, ASIC must serve a notice on the person advising them of the disqualification. The notice must be in the prescribed form.

The disqualification takes effect from the time when a notice referred to in subsection (2) is served on the person.