Angus Cattanach tipped one of his X Cargo companies into liquidation with nearly $700,000 in debts

Fresh evidence has surfaced about the financial squeeze facing the Brisbane bar and entertainment hotspot that, despite making a big splash since opening in mid-2018, has been hit with a wind-up bid in Brisbane Supreme Court.

Angus Cattanach, Leah Cattanach and Aydan Sturgess at XCargo.

FINANCIAL SQUEEZE

Fresh evidence has surfaced about the financial squeeze facing X Cargo, the Brisbane bar and entertainment hotspot which has made a splash since opening in mid-2018.

City Beat has learned that hospitality identity Angus Cattanach, who, along with his missus Leah, owns and operates the Valley venue filled with shipping containers, tipped one of his main X Cargo trading entities into liquidation in late September.

Popular X Cargo bar owners hit with wind-up bid

The company, X Cargo Operations Pty Ltd, collapsed with debts of $673,475, according to a report released last month by liquidator David Stimpson.

Nearly 100 employees were owed almost $126,000, with the bulk of that comprised of unpaid superannuation.

Liquidator David Stimpson of SV Partners

Stimpson found that the majority of the money owing, $560,565, came from one of Cattanach’s related entities, McLachlan Street Holdings, which itself is currently facing a wind-up claim in Brisbane Supreme Court from a cleaning service. No defence has been lodged in that case ahead of the first court hearing on Monday.

“I understand the debt owed to the company is in respect of labour services provided to McLachlan Street Holdings until 24 September 2019,’’ the report said.

“At the outset of the liquidation, the director (Cattanach) advised that McLachlan Street Holdings may not have the capacity to repay the debt owed to the company in full.’’

Stimpson noted that his investigation in to the company was “ongoing’’ and included a probe of potential voidable transactions, insolvent trading and other corporate breaches.

Cattanach, who previously oversaw Valley bars such as the GPO hotel and The Met, declined to comment yesterday.

FED UP

Meanwhile, as X Cargo gears up for what it has billed as a “Healthy Hedonism Festival’’ this Sunday, former staff and suppliers continue to air their grievances about allegedly late or missing payments.

“I’m just really fed up,’’ one contractor complained to us yesterday.

“They have owed me close to a $1000 since May, with a continued promise to repay, only to keep trading. I’ve spoken to other individual contractors who are owed closer to $10,000 and I’ve heard businesses such as security or alcohol suppliers are owed much more.

Angus and Leah Cattanach.

“At one stage they were cut off from a key alcohol supplier and had to purchase booze from the bottle-o. Despite these financial issues, they purchased a venue pool table and put a swimming pool in the venue.’’

Our sources report that, in a bid to soothe the anger, X Cargo management has repeatedly vowed that outside investors are poised to tip more money in to the business but the timing of the cash injection remains uncertain.

GUERRILLA ART

The painting depicts a gypsy fortune teller holding a crystal ball with a nude Scott Morrison inside, examining his shaded naughty bits with a magnifying glass.

This startling spray at the PM, in the form of posters, postcards, mounted prints and T-shirts, blanketed Brisbane and other capital city government buildings, art galleries and airports around the nation on Australia Day. They turned up in gifts shops and lavatories, raising more than a few eyebrows.

Guerilla art from 427 Revolution on Australia Day 2020.

It turns out it was all an elaborate prank by a Ukrainian activist calling herself Sabrina, who lives in the UK who heads up what she describes as “an artistic guerrilla group called the 427 Revolution’’.

Outraged at Morrison’s response to the bushfires, members flew Down Under, where they smuggled more than 200 copies of the artwork--dubbed “Genesis 2:15”--into various locations. It’s understood several art gallery patrons even tried to buy the postcards!

“I create art that satires (sic) people who deserve it, duplicity being (sic) main characteristic common to all targets,’’ Sabrina told us in a lengthy email.

Adding to the intrigue is the fact that she is represented by a Brisbane law firm, which has handled trademark applications for her but, for obvious reasons, does not want to be named.