Ann: Appointment of Voluntary Administrators, page-70

company is not in liquidation , no liquidators have been appointed -

there are a few more steps before it gets there

the company has merely appointed voluntary administrators

Voluntary administration is when a company voluntarily enters into administration in order to try and save the company's business. Liquidation, on the other hand, is when a company is forced to close down and sell off all of its assets in order to pay its debts
( quotes taken off internet to save me writing it)

Realtek actually hold full security over all of the real assets of the business but they have not appointed a receiver and manager -

The voluntary administrators can In fact try to do a deal to sell the business and protect creditors via a deed of company arrangement which creditors will vote on— let’s say they offer business for sale and the best offer is a director who offers essentially a fraction of a cent on the dollar to creditors- if creditors accept that the business is sold and creditors get what was agreed

if it’s voted down by creditors then presumably it goes into liquidation and then liquidators are appointed and they sell off whatever is there and these are the parties that investigate the company and report to asic—- it doesn’t mean that they automatically prosecute any findings they find thoigh -

what’s interesting is directors moved before the secured creditor - so it get messy as one would presume they would want full control
Of absolutely all the assets which includes books and records so they can look over the business and protect the secured creditors position

time will tell-

worst scenario is Millar buys the business for next to nics under a doca and walks away with some nice tax losses— trying to save the world selling one bud a month - then at a later time pivots it to something else and enjoys those accumulated losses

time will tell what the secured creditor does- one would assume they would be taking action pretty soon as they have full security over all of the real assets which would include the asx trading entity which would ,after fees probably get a lot of their money back -