gold coast businessman Adam Blackwell is allegedly under investigation by a liquidator for allegedly syphoning funds from collapsed panel beating group Action Smart, according to a recent report in News Corporation newspapers.
The Group collapsed with creditors believed to be owed over $22million, while it is alleged that the liquidator is investigating Blackwell for more than $20million in payments made to two senior management members of the Group.
The report also alleges that the Group operated while insolvent during 2023.
Paint & Panel Magazine reported that the Group and its subsidiaries, Caravan Fix, End Repair Solutions, BHG Automotive Group, Action Smart Transport and AD Glass, were placed into voluntary liquidation in April. You can find that article here.
Back then it was believed the company owed $4.6million; however, News Corporation newspapers are now alleging that figure has risen by $18million.
Many subcontractors and parts companies are affected including: Fix Auto Australia; National Auto Glass Supplies; PPG (to the tune of over $250,000); Dentect PDR; Merv Newby Smash Repairs; Mitchell Smash Repairs; Phoenix Automotive Glass; Scania Australia; Autocorner Mackay Toyota; Gran Motors Merc Benz; Magline Wheels;…