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Is Anyone Allowed To Be A Company Officeholder?

Is Anyone Allowed To Be A Company Officeholder?

You must be at least 18 years of age to become a company officeholder.

At present you are not able to be an officeholder/director or manage a company (without the consent of the court) if:

  • you are currently bankrupt
  • you are subject to a personal insolvency agreement composition under the Bankruptcy Act 1966
  • you have been convicted of fraud, or breaching your duties of your position

If you have been convicted of an offence that has been found to be committed against the corporations interest, or you have been convicted for an office involving dishonesty – you are unable to manage a company or be a company officeholder within five years of that conviction.

If you have been in jail for an offence as written above, similarly your unable to manage of company within five years after your release from jail.

If you currently are a director or other officeholder of a company, and you have been convicted of an offence or declared bankrupt you are automatically disqualified.  Your company must notify ASIC that you are no longer an officeholder.

It is a very serious offence to manage a company while being disqualified.

For further information please consult your legal professional or the ASIC website for further information.

Related Reading:

Choosing a company structure (pty ltd)

Directors’ Dispute – Going to Court

Importance of a shareholder agreement – Directors’ Dispute

 

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