Celebrity chef Justin North has been banned by ASIC from running companies for two years after the collapse of his restaurant empire in 2012.
At its peak, Mr North’s company employed about 180 people at businesses including cafes, a catering business and a bakery. However, staff were left owed almost $990,000 in superannuation and creditors were owed more than $7 million because of Mr North’s failure to discharge his duties as director of the companies with the “requisite degree of care and diligence”.
ASIC commissioner Greg Tranzer said: “that ASIC’s power to disqualify directors of failed companies is an important preventative measure used by ASIC to safeguard the public interest.”
Please see http://www.theage.com.au/business/celebrity-chef-justin-north-banned-by-asic-20140429-37f06.html for more information.