• Kendall Christie Twigden was banned for eight and a half years for her role in the failure of Phoenix Forex Ltd, Restaurant Ltd and Acorn Publishing Ltd.
"Companies are vehicles for people to do business, and just as some people should not be behind the wheel of a car, these people have shown they should not be directors, each having been involved in companies that failed due to mismanagement," registrar Ross van der Schyff said.
"Limited liability companies create an opportunity for people to open businesses and take risks, which are crucial in allowing New Zealanders to bring their innovative ideas to market. However, being a director comes with important responsibilities. We take breaches of the Companies Act very seriously," he said.
Van der Schyff said by prohibiting these people, the public was protected from directors and managers who have been "unscrupulous, incompetent or irresponsible".
"When directors fail in their duties it can cause losses for creditors, create a level of distrust in the community, and jeopardise New Zealand's reputation as a great place to do business," he said.
"The World Bank ranks New Zealand as number one for both 'ease of doing business' and 'starting a business'."
"I recognise the need to ensure that the ease of incorporating a company in New Zealand is balanced with appropriate regulatory action to ensure that those people who have demonstrated they are not fit to manage companies are prohibited from being directors," van der Schyff said.
