Between June 2009 and September 2009, ASIC disqualified 15 directors from managing corporations for a combined total of over 50 years, following their involvement in failed companies.

Of these disqualified directors, ten were from New South Wales, three from Victoria and two from Queensland.

The disqualifications are a result of ASIC’s ongoing commitment to removing directors from the management of companies where they have failed to fulfill their responsibilities relating to the running of the company, or after the company has been placed in external administration. Further, it serves as a deterrent to dissuade other directors from failing to act responsibly in managing the affairs of their businesses.

These actions also protect members of the public, including future creditors and employees, who may otherwise be involved with a director who has a history of being involved in failed companies where that director’s conduct directly contributed to the failure of those companies.

Further details are available from ASIC.