cnp supporters put your hands up, page-25

A company is solvent if it can meet its obligations as and when they fall due.

Centro has about $4b of obligations that it cant meet, but they are not formally due as the banks have given them an extension of time.

As soon as that extension of time ceases, then the company becomes insolvent and must call in administrators.

I cant see how it can trade if the extension is not granted.

Its not a good situation to be in as you are entirely at the mercy of the banks.