Australian Securities & Investments Commission disqualifies NSW hospitality director Anthony Prior for five years over company failures

The Australian Securities & Investments Commission has disqualified Anthony Stephen Prior of Darlinghurst, New South Wales from managing corporations for five years, following his involvement in the failure of three hospitality companies. Between 1 February 2012 and 20 November 2023, Prior was a director of Cosmopolitan Double Bay Pty Ltd, Jaws Enterprises Pty Ltd and Angelo’s Restaurant Pty Ltd. At the time of ASIC’s decision, the three companies owed a combined AUD 5,764,098 to unsecured creditors, including the Australian Taxation Office, Workers Compensation Nominal Insurers and trade creditors. ASIC found Prior failed to exercise due care and diligence in meeting statutory lodgement requirements, improperly used his position to cause detriment to the companies and advantage other companies, failed to ensure adequate financial records, and failed to prevent insolvent trading. The decision relied on supplementary liquidator reports from Shumit Banerjee (Westburn Advisory) and Gess Rambaldi (Pitcher Partners), with ASIC providing Assetless Administration Fund support to assist preparation of Banerjee’s report, and noted Prior’s earlier involvement with Keystone Group Holdings Pty Limited and York Rooftop Pty Limited, which failed in 2016–2017 owing AUD 181,972,300.62 to unsecured creditors. Prior is disqualified until 5 November 2030 and can seek review of ASIC’s decision by the Administrative Review Tribunal.