Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 4   Enforcement

Part 3   Disqualification of directors

Corporations Act 2001

4   After section 206B

Insert:

206BA Extension of period of automatic disqualification

(1) This section applies if, under subsection 206B(1), a person is disqualified from managing corporations on being convicted of an offence.

(2) On application by ASIC, the Court may extend by up to an additional 15 years the period of disqualification.

(3) ASIC must apply:

(a) before the period of disqualification begins; or

(b) before the end of the first year of the disqualification.

(4) ASIC may apply only once in relation to the disqualification.

(5) In determining whether an extension is justified (and if so, for how long), the Court may have regard to any matters that the Court considers appropriate.