article in the west australian, page-8

I believe it was the working capital situation which triggered the VA as per scenario outlined in the article. They were hoping for the finance deal which would have resolved both issues at once, assuming they were asking for more than the required $45m to give them some working capital to pay back Glencore. They may have been trading insolvent for some period of time (maybe just days, maybe weeks once the Cu price tumbled) before the VA was called in but were relying on the finance deal to get them out of the mess. Basically spent too much money that they didn't have on the expansion.

Glencore representative was at the creditors meeting in Brisbane and on the creditors committee.