To be an officeholder of an Australian company, you must be at least 18 years old. The law does not allow you to be an officeholder or manage a company (without court consent) if you are currently bankrupt.
you are still subject to a personal insolvency agreement or composition under the Bankruptcy Act 1966 or have been convicted of offences like fraud or breaching your duties as an officeholder.
If you have been convicted of an offence committed against the corporation’s interests, under the Corporations Act 2001 or for an offence involving dishonesty, you cannot manage a company or be an officeholder within five years of your conviction.
Also, if you have been imprisoned for an offence as mentioned above, you cannot manage a company within five years after your release from gaol.
If you are a current officeholder and you have been convicted of an offense or are declared bankrupt, your disqualification as an existing officeholder is automatic & your company must notify ASIC that you’re no longer a director by way of Form 484. In some cases, ASIC may also disqualify a person from being a company officeholder.
It is a serious offense to manage a company while disqualified.Related Tag: Registering a Company in Australia