Popular Melbourne restaurant owner banned for four years
The Australian Securities and Investments Commission (ASIC) has slapped a four year company ban on restaurateur Daniel Zeidan.
This means Zeidan will be unable to manage any company for that four year period of time.
Zeidan is behind venues such as the Grace Darling Hotel, Lazerpig Pizza Parlour and Strange Wolf Basement Bar. He has been disqualified due to his participation in the failure of three companies.
5 Ships at Sea (trading as the Grace Darling) and The Umpire Strikes Back (trading as Lazerpig) and located in Smith St Collingwood in Melbourne, and 4 Ships at Sea (trading as the now-closed Strange Wolf) all went into liquidation between August 2018 and December 2019 leaving creditors $2.3 million out of pocket.
The ATO was also owed over $1.35 million.
ASIC alleges that Zeidan may have traded while insolvent.
The disqualification has also been based on Zeidan’s failure to exercise his powers and discharge his duties with the degree of care and diligence required of a reasonable director.
He is also accused of gaining personal advantage an advantage and failing to understand his directorial duties.
Mr Zeidan is disqualified from managing corporations until July 2025.
Grace Darling and Lazerpig continue to trade under new ownership structures.
Irit Jackson, 20th July 2020
