Serious questions, are being asked of the Australian Securities and Investment Commission, as to why they are not moving to take action against several executives, involved in a string of business failures in the custom install industry especially those involved in the failed BMR Group who have left behind millions in debts, while openly setting up new businesses with questionable money transfers between Companies.

See original story here.

Picture shows former BMR Group executive Regan Webb living it up on a Pacific Island after the collsapse of the BMR Group

Another BMR Executive Brendan Cousemacker

The liquidator to the failed BMR group Travis Pullen of Brisbane based, BT Advisory, took his concerns that the directors of the group, Regan Webb, Brendon Cousemacker and Matthew Manalis, who now operate the Experience One or the XOne web site, have been linked with several questionable business collapses in the custom install market in the past, and with the Winnings Group, were in breach of the Companies Act pursuant to Section 533(1) of the Act to ASIC only to be rebuffed.

ASIC whose failure to act in the past have been bought into question, advised they will not be taking any action in relation to any potential breaches of the Act by the directors.

The failure by ASIC to take action in this case is now being questioned, with creditors to the failed Brisbane based BMR Group, whose former directors are now operating via a business called Captivant, that has been accused of taking money and existing business from BMR Group and transferring it to Captivant, stumping up thousands to fund Pullen to take further action, against the former director of BMR Group.

The liquidator has been funded to complete his investigations with a view to taking action for claims of insolvent trading by the directors, and to commencer legal action for the recovery of money transferred from one Company to another.

Custom install industry executives are also calling for Webb, Manalis and Cousemacker to be taken out of the industry.

Len Wallis of Len Wallis Audio in Sydney said, “The actions of these directors reflect on the entire industry, it has to stop”.

A Melbourne based custom installer who also runs a retail operation in Victoria said” These guys are cowboys who have a questionable track record in the industry but are being propped up by suppliers in their new businesses”

They added “You only have to go to their new XOne or Experience One web site to see the brands that are openly supporting them”.

On this site Manalis brags about his relationship with Winnings Group and lists brands such as Control 4, Savant, Crestron, Krix, Philips Dynalite, Sony, Triad, Paradigm, and several others as being major suppliers to the Captivant owned business.

“All these brands are openly supporting executives who have a questionable track record and have left behind a trail of debt in the past, the fact that ASIC is not taking action is why people like those that operated BMR Group believe that they can get away with their questionable actions”.