In October 2009, ASIC disqualified five directors from managing corporations following their involvement in failed companies.

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

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.

These actions protect members of the public, for example, 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.