Strewthcobber
Andrew Slack (58)
Remember what the Administrator found. The Rebels had been likely trading insolvent since 2018, and probably much earlier.
They were operating only because the directors were injecting their own capital - largely Paul Doherty, and they stopped paying the ATO (in 2021)
The Rebels accounts were.provided to RA in Dec 2021. They incurred at least $12m more debt after that point.
The Rebels board was briefed on RA's private equity plans only in December 2022, well after they had insurmountable debts.
RA's PE plans were announced in Aug 2023, and then shelved in Nov 2023 (debt facility taken on instead).
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For me it's pretty clear the board was relying on Doherty to operate, and betting on PE money to clean up the mess.
Both fell through.
They were operating only because the directors were injecting their own capital - largely Paul Doherty, and they stopped paying the ATO (in 2021)
The Rebels accounts were.provided to RA in Dec 2021. They incurred at least $12m more debt after that point.
The Rebels board was briefed on RA's private equity plans only in December 2022, well after they had insurmountable debts.
RA's PE plans were announced in Aug 2023, and then shelved in Nov 2023 (debt facility taken on instead).
------+++
For me it's pretty clear the board was relying on Doherty to operate, and betting on PE money to clean up the mess.
Both fell through.