Renowned chef Justin North and his wife have been banned from managing a business because of their contribution to the financial collapse of their restaurants in 2012.
The pair’s exclusive Becasse restaurant in inner Sydney, plus several other more casual venues and catering businesses, were placed into liquidation in June and July 2012, weighed down by debts of more than $7 million.
The corporate regulator has imposed a two year ban on Mr North and an 18-month ban on his wife Georgina after concluding they failed to exercise their powers and discharge their director’s duties with the required degree of care and diligence.
The ban took effect from April 4.
The pair have the right to appeal the ban imposed by the Australian Securities and Investments Commission (ASIC) within 28 days.
“ASIC’s power to disqualify directors of failed companies is an important preventative measure used by ASIC to safeguard the public interest,” ASIC commissioner Greg Tanzer said in a statement.