If you are subject to bankruptcy, the rules of the Corporations Act forbid you to be a company director.
Once you have a bankruptcy number, you need to lodge a completed Form 296 with ASIC, with the number and date of the bankruptcy. There is no fee to be paid.
If the company is left without a director once you have lodged Form 296, ASIC will de-register the company. However, you may find one of your creditors will initiate proceedings to wind up the company before ASIC de-registers it.
Either way, once you are no longer a director, you can no longer act on the company’s behalf. All issues relating to the company should be left to a liquidator – if appointed – or to ASIC.
We recommend you send a letter to all your creditors telling them what you are doing, so they can decide what action they wish to take.
For more information call Nicholls & Co on 1300 060 122 or email email@example.com.