Can I be a director in the future if I’ve been part of an insolvency?

It is possible for you to be a director in the future if you’ve been part of insolvency because directors who are caught up in insolvencies are not automatically banned.

ASIC may impose a ban of up to five years on directors if the following two conditions are met:

  • The director was an officer of at least two companies that entered liquidation
  • Those two liquidations occurred within a seven-year period