The owner of a popular chain of Italian restaurants has been banned from managing companies for five years as creditors chase $3.5 million owing from various failed companies he ran.

Frank Anthony Criniti, the owner of a number of Criniti's restaurants, has been disqualified by the Australian Securities and Investments Commission (ASIC) due to his involvement in several failed companies.

Mr Criniti has been allowed to continue running his various restaurant businesses including Criniti’s Darling Harbour, Criniti’s Woolloomooloo, Criniti’s Pantry in Castle Hill and Criniti’s Woodfire Pizza, until July 30.

The regulator said his disqualification came after liquidators were appointed to his proprietary-limited companies Ozdime, Auswide Auto Wholesalers, Freddaisy, Global Hospitality, Rackforce, Diamondwich and Frank Masons.

The seven companies, managed by Mr Criniti, owe $3.5 million to creditors, ASIC said.