Depends really if they can recover the amount of money they lent to NCA.
In principle though, it is. It seems that no due diligence was done by JAT when it lent money to NCA. Normally, when you prepay a supplier, you would make sure that the supplier is already known in the industry, hence, very minimal risk of not delivering their end of the contract. Make you wonder what due diligence were made inJAT's other investment decisions.
Ann: Receiver appointed by Golden Koala to NCA, page-48
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