Ann: Appointment of Receivers and Managers, page-13

black opal, the point is that these accountants are experts at running companies. Doesn't matter whether they are mines, boat builders, second hand car yards - the fundamental principles are the same. They are also good at assessing quickly whether it is worth trying to save a company. In this case, with the silver price where it is and costs of $30 - $35/oz, the answer is easy.

The company in receivership has no money. Even care and maintenance costs $$$. Unless the people who appointed them are prepared to fund C&M through until the POS revives, in the hope of recovering more or all of their debt then the receivers can't do anything other than sell to the highest bidder.

I suggest anybody interested should read the CCU threads. They went into receivership a few months ago. The s/holders tried to arrange a buy-out but failed. They seemed very well organised, and had a previous MD as a cornerstone shareholder. CCU's mine was much more viable than AYN's, too - and the POS was quite a bit higher back then.

Another point. De Slyva is also the Chairman of PLV, which also went into receivership a couple of weeks ago. If both companies are finally liquidated, then he could be banned from holding any further directorships by ASIC:

http://crsinsolvencyservices.com.au/faq-items/will-i-be-disqualified-as-a-director-by-asic/