From worrells.net.au: ASIC can disqualify a company director from managing corporations for up to five years if they were an officer of multiple companies that were wound up within seven years, as outlined in the Corporations Act 2001.
An example involved a director whose 21 failed companies owed over $71 million to creditors, including large debts to the Australian Taxation Office.
Directors must fulfill their duties to avoid disqualification, as ASIC closely monitors their compliance and conduct.