AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GLD Order disqualifying a person from managing corporations

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GLD

  (1)   On application by ASIC, the Court may make an order disqualifying a person from managing corporations for a period that the Court considers appropriate if:

  (a)   the Court is satisfied that the person has committed, has attempted to commit or has been involved in a contravention of a provision of Subdivision BA, C or D (other than section   12DA); and

  (b)   the Court is satisfied that the disqualification is justified.

Note 1:   Section   206EB of the Corporations Act 2001 provides that a person is disqualified from managing corporations if a court order is in force under this section. That Act contains various consequences for persons so disqualified.

Note 2:   ASIC must keep a register of persons who have been disqualified from managing corporations (see section   1274AA of the Corporations Act   2001 ).

  (2)   In determining under subsection   (1) whether the disqualification is justified, the Court may have regard to:

  (a)   the person's conduct in relation to the management, business or property of any corporation; and

  (b)   any other matters that the Court considers appropriate.