Has anyone noticed these time lines below??
PWC in their document state they had first contact with IOU board on the 30th March. At this point, IOU is still in court with Clee about the Injunction. At this stage (30th march), IOU is stating they don't want the Injunction because it will hamper their efforts in raising capital to pay bills - yet while they argue that in court they are already approaching PWC about possible voluntary administration.
The next court date was Monday the 3rd April and the company had already received information about a discussion document which provided a brief overview of the voluntary Administration (VA) process, an explanation of the various options available to the Company, and the nature and consequences of an insolvency appointment (2nd April)At this point, Clee has already offered in court $1.3M interest free loan to IOU to cover costs.
They obviously never had any intention of taking this if they were already in discussion with PWC about voluntary administrationSo, IOU stands before a judge saying don't do the Injunction because it will hamper them raising funds, but never mention the weekend before they had been discussing possible voluntary administration with PWC already.
Surely that would have influenced the judge's decision as one of the judge's main points for not allowing the Injunction was that it would prevent the company from raising funds.
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