creditors meeting and ahug , page-8

this was taken from 'Receivership: a guide for creditors'

Employees are a special class of unsecured creditors. In a receivership, in certain circumstances, some of their outstanding entitlements are paid in priority to the debt of the secured creditor. If you are an employee, see ASIC’s information sheet ‘Receivership: a guide for employees’.


So I think what they are trying to say is that some employee entitlements have a very high ranking while others rank equally with unsecured creditors

which is why the administrator warned them not to expect full entitlements

if $370m of noteholders and $120m of unsecured creditors (i.e. close to half a billion dollars of unsecured credit) were unlikely to receive ANYTHING, then don't you think the administrator would have been very clear today, instead of dropping a hint through their mention of employee entitlements?


play the game guys, not the man.