An individual will be disqualified from being a director if they:
- are an undischarged bankrupt;
- have entered into a personal insolvency agreement under the Bankruptcy Act 1966 and have failed to fulfil the terms;
- have been banned by ASIC or a court from managing corporations; or
- have been convicted of dishonesty-related offences.
If an individual is already a director in a corporation and then becomes subject to one of the above four categories, they will be automatically disqualified and removed from any directorship they currently occupy by ASIC.
