Rebel man
John Thornett (49)
Rugby Australia own the Rebels license now. They have also taken control of all the player and staff’s contractsI don’t know the law specifically , but as far as I know in VA there are only two options 1 declaring bankruptcy, getting wound up and selling off the assets to pay the creditors or 2 attempting to trade out of the situation . The Rebels have $17 K and two second hand vehicles plus some office gear and gym stuff ( neither. Of which they may actually own) so no joy for creditors under scenario #1, the ATO will presumably chase the directors for their slice of the pie. Under the second scenario the debt will be bigger in 6 months than now, so I’m not sure PWC are allowed to do that with no realistic way to convert the rebels into a profitable business. Despite RAs assurances it is not certain there will be a Rebels this year unless RA guarantees the current and future creditors (sans ATO) will be paid. All Waugh has said is the players will be paid.
So if Melbourne Rebels Rugby Union Pty limited is liquidated it shouldn’t affect them playing this year.