Just did some further reading in the AFR - which reported a couple of days ago that: "Administrators of troubled dental supplier SmileStyler have found the company backed by Melbourne-based businessman Paul Docherty may have been trading while insolvent for at least the last 18 months" - this has been reported to ASIC, and further: "SmileStyler’s major investor, BRC Capital, the investment vehicle of Mr Docherty, is embroiled in a series of tax disputes and is contending with
the collapse of 10 different businesses over the last two months...Another subsidiary run by the serial entrepreneur, Hiro Brands, owes more than $45 million to creditors, reflecting a disastrous two years ... Of the estimated $45 million in group debt, $13.5 million is owed to Hiro’s secured creditors including Westpac, $3 million to employees, and $5.1 million to the tax office according to KPMG.
Administrators
took control of SmileStyler last month, and in their report identified at least $9.1 million in borrowings incurred while possibly trading insolvent. The report also suggested there could be breaches of the Victorian Wage Theft Act and directors’ duties."
How can Docherty possibly be kept on as Rebels Chairman ? He needs to step down or be voted out at an extraordinary meeting or what ever the fk they call it.