National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-4 - BANNING OR DISQUALIFICATION OF PERSONS FROM ENGAGING IN CREDIT ACTIVITIES  

Division 3 - Disqualification by the court  

SECTION 86   DISQUALIFICATION BY THE COURT  

86(1)    

ASIC may apply to the court for one or more orders under subsection (2) in relation to a person if ASIC:

(a) cancels a licence of the person; or

(b) makes a banning order against the person that is to operate permanently.

86(2)    
The court may make:

(a) one or more orders disqualifying the person, permanently or for a specified period, from doing one or more of the following:

(i) engaging in any credit activities;

(ii) engaging in specified credit activities in specified circumstances or capacities;

(iii) controlling, whether alone or in concert with one or more other entities (as defined by section 64A of the Corporations Act 2001 ), another person who engages in credit activities;

(iv) performing any function involved in the engaging in of credit activities (including as an officer (within the meaning of the Corporations Act 2001 ), manager, employee, contractor or in some other capacity);

(v) performing specified functions involved in the engaging in of credit activities; or

(b) any other order the court considers appropriate.

Note:

A person against whom a disqualification order is in force cannot be granted a licence authorising the person to engage in a credit activity to which the disqualification order applies (see subsection 40(1) )