Questionable money payments, and the transfer of custom install work in progress among Companies, has been exposed by a Brisbane based liquidator investigating the activities of the now liquidated BMR Group which went broke with debts of over $1.4M

The liquidators investigation brings into question the activities of a new Company Captivant Pty Ltd and its directors Regan Webb, Brendon Cousemacker and Matthew Manalis, who have been linked with several questionable business collapses in the custom install market in the past and with Winnings Group.

The liquidator of BMR Group Travis Pullen of BT Advisory claims that tens of thousands of dollars from debtors to BMR Group may have ended up in a new Company Captivant that was set up by executives of the failed BMR Group, who one day worked for BMR Group and the next were employed by a new Company who suddenly had access to cashflow and the ongoing work of the failed Company.

Questions have also been raised about seven vehicles that BMR Group leased or owned with the directors claiming that two of these vehicles were damaged in the Brisbane floods a claim that the liquidator has no evidence of.

At the time that BMR Group was liquidated an investigation of the Companies Xero file revealed that the business had $501,611.22 in outstanding payments for work in progress.

Suddenly the work secured by BMR was transferred to a new Company Captivant Pty Ltd that employed the same executives as those that worked for BMR Group.

Pullen wrote “I believe that Captivant is now undertaking those contracts and has obtained the benefit of the Company’s work in tendering for and or securing those contracts” which are worth tens of thousands of dollars.

As a result, Pullen has issued a demand to various entities in relation to breaches of the Companies Act, including the potential disposition of the work in progress contracts that were mysteriously transferred to Captivant who also own the Winnings linked ExperienceOne web site and business.

Regan Web lives it up after collapse of BMR Group

He has also raised questions about a loan account listed on the books of BMR.

The Company’s externally prepared financial statements for the year ended 30 June 2021 listed a Directors Loan account in the amount of $265,297.

Former BMR Group Executive Mathew Manalis,

On 29 June 2022 Pullen wrote to the directors demanding payment of the loan account in full.

Advisors acting for the failed directors of BMR Group claims that the information relating to the loan account was “incorrectly recorded”.

Liquidator goin after BMR executive Brendon Cousemacker

Pullen claims that it is clear from his investigations that Captivant Pty Ltd (“Captivant”) is trading as the same business as the failed Company.

The director of BMR claims the Company ceased trading on 8 March 2022 after the Company’s premises in Brisbane were flooded. They also claimed that they lost “all” the Companies assets in the flood including business equipment.

The Company’s liabilities at the time, were $1,479,581.24 with more than $1.43 million owed to the Australian tax office after the business failed to pay taxes despite generating $3.2M in revenues.

Despite the devastating hit to their business, it did not stop the directors immediately opening a new business, which took over all the work in progress of the failed business. They also asked debtors to pay the new business instead of reducing the liabilities of the now liquidated business according to the liquidator.

Ironically Captivant’s new officers and shareholders are similar to the failed Company.

The new business also took over the cash reserves of the failed Company.

They also took over the contracts already entered into by the failed Company and several jobs already being undertaken by BMR.

Pullen wrote in his report that he considered that the above transactions constitute a voidable transaction(s) and as such he is claiming an amount of $894,102.53, against Captivant, pursuant to breaches of the Companies Act.

He is also going after Manalis, Webb and Cousemacker for breaches of the Act in an effort to recover money.

Several observers are also calling for a ban on anyone of the individuals involved in BMR from every operating a business again.

So far Winnings Group have not said why they are continuing to do business with Captivant.

Pullen also identified that or around 10 May 2022, the Company received a disaster grant in the amount of $35,000 from the Queensland Government, which he claims was applied for the benefit of the Directors rather than the Company.

He claims that he is satisfied that the misapplication of the funds represents a voidable transaction and as such he has made a claim in the amount of $35,000, against Manalis and Cousemacker pursuant to the Companies Act.

Questions are also being asked as to whether criminal action could follow the liquidator’s investigation.

He also claims that the directors of BMR are indebted to the Company for the amount of $265,297 in relation to a Director Loan Account.

The liquidator also claims that his “preliminary investigations reveal that the Company’s directors may have allowed the Company to trade whilst insolvent from at least 30 June 2018 and that the directors do not appear to have any defenses available to them pursuant to the Act” he wrote.

He also claims that his investigations to date indicate that the directors “may have the financial capacity to settle any claims against them”.