A person is not eligible to be registered under this Part if—
(a) in the case of a natural person, the person is under 18 years of age; or
(b) the person or, if the person is a corporation, a director of the corporation, is a represented person within the meaning of the Guardianship and Administration Act 1986 ; or
(c) the person, or if the person is a corporation, a director of the corporation, is an insolvent under administration or an externally-administered body corporate.