Suspect in VA or liquidation shareholders would get nothing out of SGH.
A client is always able to take their file to another law firm - but depending on the terms of engagement they may need to have the disbursements incurred to date paid out. The professional fees would probably be subject to a tripartite agreement to be paid out when the case is settled.
The secured creditors would also need to realise in external administration (say receivership) they wouldn't be able to exclusively call the shots for ongoing trading of the business. The Court would have a Legal Receiver appointed to the firm - who may have different opinions on how business should be conducted to the secured creditors Receivers.
Would be risky voting no hoping the secured creditors put more on the table for shareholders. It's possible a better offer might come from it, but at the same time the secured creditors might be able to quickly buy the business out of VA under a similar sale contract to the present one but with nothing available for shareholders.
SGH Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
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