BrisConnections faces a nightmarish cash hunt for investors who have transferred their units into false names — including one who allegedly used the moniker "Humphrey B Bear".

Others have transferred units into the names of people living overseas.

All registered holders of BrisConnections units on April 22 must pay a $1 instalment to the company for every unit they own, due on April 29.

To avoid that payment a number of BrisConnections unit holders have used the off-market share transfer system to shift ownership into false names.

In November last year BusinessDay highlighted a serious flaw in the off-market transfer system that allows shares to be held in false names, by buying a share in a listed company in the name of a pet budgie named Mr Bud Gerigar.