Ann: Receiver appointed by Golden Koala to NCA, page-30

IMO the market might have already priced in most of these woes with GK, but my queries on this announcement would be:

1. Why have JAT taken so long to appoint receivers to NCA? From what I understand, the deal with NCA was done approximately 12 to 18 months ago, we are now told that NCA haven't produced any GK products in that time - so why has this "appointing receivers" step taken so long?

2. Does NCA have other secured creditors than would rank in front of JAT (eg banks)? If not, then surely GK / JAT receives the manufacturing plant in exchange for writing off their $2.5m debt?

3. Think JAT should have been more up front with the market / their shareholders about this situation with NCA. I know that they wrote off a large part of their GK investment, but I think this is the first time that we have been told that NCA have never produced any GK product? I may be wrong about this point, but I don't remember reading this information prior to today?