Ann: Administrators commence recapitalisation process, page-146

I see your point, but yes, ultimately the BoD is responsible for A40’s position and reaction to the events that have unfolded. It was was poorly positioned (one offtake) while bleeding cash at a very unfortunate time. The same factors you talk about apply to other Li companies which aren’t in VA (yet). The weakest fall first, and yes, your BoD is responsible for that position of weakness, regardless of the external factors.