Ann: Suspension and Appoinment of Voluntary Administrators, page-177

At a hunch, perhaps the cash simply was not there to pay current outgoings including BB and others, and through continuous pressure from the creditors, directors took the decision to go into VA.

Therefore the directors have taken the responsible measure, which is to put the company into VA until all issues surrounding solvency can be resolved.

It seems from the outside that this was the approach taken, and possibly the best one to stop any further pressure, along with further ex director share selloffs.

As much as I do not like the TON story, putting that aside, I do not think this to be the death of TON.

Just my two cents.