This is really difficult to answer. An Internet search did not provide any further insight on this, but I know from translating employment contracts for managing directors that a managing director must be "eligible to act as a director". This does not mean that they possess any specific licenses, etc. to assume such a position. Instead it means that there is no previous (court) ruling forbidding them from assuming a management position. Circumstances which would disqualify someone from assuming a management position would be for instance performing illegal actions while serving as a director or manager or bankruptcy of a company, whereas the bankruptcy can be attributed to that person. Now, I am not sure if this fits your context, but it would appear to fit. Good luck!!!