Ann: Extension of Voluntary Suspension, page-102

Magna wouldn't end up as the owner of the ASX listed shell or the assets of VEC, unless of course Magna was to purchase those assets from the Administrators. A General Security Deed does not give the power to take possession of assets, it only gives you the right to rank ahead of other creditors or to appoint your own receiver to sell the assets (provided there is a right to appoint a receiver in the Deed).

Then there's the issue of whether the JV agreements that VEC has for its other projects contain clauses (which are not uncommon) that the JV interest is forfeited to the other JV partner in the case of an insolvency event, or alternatively that the JV partner has the first option to acquire the JV interest in the case of an insolvency event.

Of course, if it went into VA, Magna could put forward a DoCA to recapitalise the company and then take effective control of it. However, given their M/O is predatory lending, I highly doubt that they'd be interested in or have the ability to run a mining company. So I suspect that they would rather sit back and wait for assets to be sold so that they can get paid out in priority to others.

Now, in determining whether Magna might play ball with VEC consider this; would Magna rather be in the position of taking first dibs at the scraps of a failed company and risk not recovering all of their investment? or would they rather cut a deal that allows the company to succeed and they get their full investment back plus a profit?
just saying