The company must then notify ASIC that you’re no longer a director or secretary of the company. For more information, see Information Sheet 14 Bankruptcy and personal insolvency agreements (INFO 14). ASIC can also ban you from being a company director in certain situations.If you’re not allowed to be a company director or secretary, you’re not allowed to manage a company. It is a serious offence to set up dummy directors while you really manage the company.Directors must also be 18 years or older.ou must be fully up-to-date on what your company is doing: 1  Find out and assess for yourself how any proposed action will affect your company’s business performance, especially if it involves a lot of the company’s money.