Tuesday, 12 November 2013

FAQ - If an individual is not involved in a business any more, does it really matter how long that person is disqualified for?

If an individual is no longer involved in a business, then that person might not be too concerned how long he/she is disqualified for. However, it is always worth trying to lower the period of disqualification as much as possible. 

That person’s circumstances might change and he/she might want to become a director or involved in the management of a business again at a later date. If that is the case that person will either have to wait for the period of disqualification to expire, or make an application to court for permission to become a director

(i) The longer the disqualification period, the longer that person will have to wait for it to expire and the more serious the director disqualification period will impact on that person.

(ii) The longer the period, the more difficult it is to obtain permission from the court to become a director despite having been disqualified (although not impossible).