Ann: Secured Loan Facility, page-15

More than happy to be corrected by someone who is an exert in the area of insolvenecy...  But my understanding is as follows

1. When a company issues a loan that is secured, that  company is first to be paid should the company be wound up.  That does not mean that if the company decides to wind up it is handed over to the secured creditors
2. When a company enters voluntary administration the board need to appoint an independant  voluntary administrator
3. The administrator will decide how to best deal with the assets.  That would not involve handing over patents to First Samuel!  How does that ensure that the best price is obtained for them?  They would go through an auction or sale process to ensure the best offer is received.
4. Once all assets are disposed of, the funds are then used to pay the following in order:

1. Liquidator fees
2. Secured Creditors
3. Priority Unsecured Creditors - including outstanding employee wages/leave and superannuation
4. Other unsecured creditors - shareholders (us suckers)

Regardless, do not feel it will come to this and really want to see the next quarterly if things turn around.  A good summary is also here:
http://rapseygriffiths.com.au/creditors/