Sydney restaurateur Frank Criniti, owner of Italian chain Criniti’s, has been banned from managing companies for five years due to his involvement in seven failed companies.
ASIC found that Criniti had provided false information to authorities; failed to pay tax and ensure that proper financial records were kept; failed to prevent some of the companies from trading whilst potentially insolvent and failed to exercise his duties as a director with due care and diligence.
The disqualification follows the appointment of liquidators to seven companies that Criniti managed or acted as a de facto director of, including Ozdime, Auswide Auto Wholesalers, Freddaisy, Global Hospitality, Rackforce, Diamondwish and Frank Masons.
According to ASIC, Criniti’s companies owe creditors a total of more than $3.5 million.
Criniti will be allowed to run his several restaurants, which include Criniti’s in Darling Harbour and Woolloomooloo and Criniti’s Pantry in Castle Hill, until 30 July 2018.
He will then be banned from running any companies until 20 May 2023.
Image credit: Dimmi