I''ve been reflecting on the "'genuine commercial impact'..." statement
If my memory serves me correctly there is a note in the last annual report that the auditors signed off on to the effect that this covenant issue posed no material risk to the business. So no contingency was put into the accounts.
So either the Directors misled the Auditors and the auditors failed to follow through diligently on this issue. Or the Barrister has misled the court.
Ann: SML Announcement - Supreme Court Update, page-466
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