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If you set it up in your name and something goes wrong you will be sued personally.
You can set it up as a company and you being the director and the shareholder.
This will make the company liable and you will be protected unless you committed fraud then you can be personally liable.
The previous litigation should not be an issue there.
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You can ask AISCs permission to be allowed to be a director under section 206F
If they give you consent then you can be a director.