In accordance with the request for privacy by the individual involved, we have anonymized this news release from the Australian Securities and Investments Commission (ASIC) to remove all personal and identifying information.
Should you require more detailed information, please directly refer to the ASIC.
We appreciate your understanding in this matter as we aim to balance the public's right to information with individual privacy concerns.
Background
Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company's inability to pay its debts.
ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:
- involvement in the management of a corporation;
- auditing self-managed superannuation funds (SMSFs); or
- practising in the financial services or credit industry.
