Peter Beattie rival Bert van Manen led firm in 'director-related collapse'

QUEENSLAND federal MP Bert van Manen is the founder and half-owner of a financial planning firm that collapsed last year.

QUEENSLAND federal MP Bert van Manen is the founder and half-owner of a financial planning firm that collapsed last year owing creditors more than $1.5 million.

Mr van Manen is contesting the seat of Forde, south of Brisbane, for the Liberal National Party against former premier Peter Beattie, in one of the highest-profile battles of the election.

Company documents uncovered by the ALP reveal that Mr van Manen -- whose full name, according to company documents, is Albertus Johannes van Manen -- resigned as Vangrove Financial Planning director in April last year, a month before administrators KPMG were called in.

Mr van Manen founded Vangrove, which was based in Slacks Creek in Brisbane's south, in 2007 with business partner Andrew Cosgrove. While he resigned as director, leaving Mr Cosgrove its sole director, both men retained a 50-50 ownership of the firm.

He declared his interest in Vangrove in the parliamentary pecuniary interests register.

The Australian can reveal that KPMG has raised concerns with Vangrove's creditors that the collapse may have involved "unreasonable director-related transactions".

KPMG's Simon Vertullo also told a creditor's meeting in June last year, according to minutes of the meeting lodged with the corporate regulator, that "it may be uncommercial to pursue recovery for director-related transactions".

Mr van Manen did not respond to a request for an interview about his financial troubles before taking to the stage last night, along with Mr Beattie, at a candidates forum in Logan, south of Brisbane.

A Liberal Party campaign spokeswoman later issued a statement in response to a series of questions from The Australian over the firm's collapse. While the statement did not address the timing of Mr van Manen's resignation as director just a month before it was put into administration, the spokesman said the LNP MP had personally settled all of the firm's outstanding debts.

"The allegation that Mr van Manen has any debt in relation to this matter is false and defamatory," the statement said. "Mr van Manen settled obligations to Westpac last year. (He) has made all the appropriate declarations on the register of interests required of a member of parliament."

Company documents show Vangrove owed Westpac $1.31m when it collapsed. Westpac declined to comment yesterday.

A liquidator's report filed with corporate regulator the Australian Securities & Investments Commission in August last year said the company owed $325,000 to three unsecured creditors.

Mr van Manen's spokeswoman was unable to comment last night on that apparent additional $325,000 debt. Mr Cosgrove could not be contacted yesterday.

Vangrove provided financial advice to clients and earned a commission based on the amount of money those clients placed in third-party investment schemes.

According to a liquidator's report, Vangrove was earning about $25,000 a month in commissions in the lead-up to its collapse.

Mr van Manen's parliamentary pecuniary interests also reports that Mr van Manen removed himself last August as director and owner of a company called Van Manen Investments, with his wife becoming director and owner of the company. The nature of Van Manen Investments, and whether it was connected to Vangrove, was unclear.

A recent poll indicated Mr van Manen would comprehensively beat Mr Beattie in Forde. Both camps dismissed the report and said internal polling suggested the contest was in the balance.