disqualifies Sydney restaurateur from managing companies for five years

ASIC has disqualified Sydney restaurateur Mr Frank Anthony Criniti of Castle Hill, NSW, from managing companies for the maximum period of five years as a result of his involvement in seven failed companies.

ASIC found that Mr Criniti had:

• improperly used his corporate position to gain an advantage for himself and others;
• provided false information to authorities;
• failed to prevent some of the companies from trading whilst potentially insolvent;
• failed to pay tax and ensure that proper financial records were kept;
• failed to exercise his duties as a director with due care and diligence;
• failed to comprehensively monitor company operations and financial position; and
• acted as a de facto director, assuming responsibility for the management of companies while not appointed as a director.

ASIC relied on supplementary reports that were lodged by liquidators Ozem Kassem & Jason Tang of Cor Cordis for Auswide Auto Wholesalers Pty Ltd and Freddaisy Pty Ltd and by Steven Gladman of Hall Chadwick for Global Hospitality Pty Ltd.  ASIC assisted these liquidators in preparing the supplementary reports with funding from the Assetless Administration Fund (AAF).

The total amount owed by the companies to creditors was more than $3.5 million.

Mr Criniti's disqualification extends to 20 May 2023.

Leon Getler 30th May 2018.