What are the consequences if a director fails in these duties?

The Corporations Act states that a director who fails to perform their substantive duties:

  • may be guilty of a criminal offence with a penalty of 2,000 penalty units or imprisonmentĂ‚ for up to 5 years, or both; and
  • may contravene a civil penalty provision (and the Court may order the person to pay to the Commonwealth an amount of up to $200,000).