ASIC Disqualifies Daniel Zeidan from Managing Companies for 4 Years

The Australian Securities and Investments Commission (ASIC​) today announced that it has disqualified Daniel Zeidan of Kinglake, Victoria from managing companies for four years due to his involvement in the failure of three companies.

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Mr Zeidan was a director of three hospitality companies that went into liquidation between August 2018 and December 2019, namely:

5 Ships at Sea Pty Ltd (A.C.N. 135 687 115) (Cinq);

The Umpire Strikes Back Pty Ltd (A.C.N. 166 315 662) (Umpire); and

4 Ships at Sea Pty Ltd (A.C.N. 150 888 805) (Quatre).

In making its decision to disqualify Mr Zeidan, ASIC found that, in respect of Cinq and Umpire, he:

• failed to exercise his powers and discharge his duties with the degree of care and diligence required of a reasonable director;

• failed to properly use his position as a director and gained an advantage for himself or someone else, or caused detriment to the company;

• may have continued to trade while insolvent;

• did not understand his directors' duties to effectively provide appropriate management and direct the company; and

• had no awareness of the way in which his management of the companies may have fallen below the standard expected of a director.

The total amount owed to creditors by the three companies exceeded $2.3 million, including more than $1.35 million owed to the Australian Taxation Office (ATO). 

Mr Zeidan is disqualified from managing corporations until 14 July 2025.