emjaycee
Coach
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- 13,813
So Quick question on clubs going into administration.
If you go bankrupt, you can't be on the board of a organisation for 2 years I believe.
Isn't it the same if you are on the board of a company that goes into Administration? You can't sit on another board for 2 years. . . .Is that right?
Disqualification
If a director has been involved with two or more companies that have gone into liquidation within the last 7 years and paid their creditors less than 50 cents in the dollar, ASIC may disqualify them from managing corporations for up to five years. This effectively bans a person from acting as a director.
ASIC can also apply for orders disqualifying a person from managing corporations for up to 20 years if they have been an officer of two or more companies that have failed within the last 7 years, and the way in which the companies were managed contributed to the failures.
From ASIC website
www.asic.gov.au