"They are technically insolvent... by an order of magnitude.....

"They are technically insolvent... by an order of magnitude.. hence looking to default (as per Annual Report)
Assets = Cash ~ $A150m (likely half this at 31/3/20)
Liabilities = SNE FID USD$600m"


No, FAR is nottechnically insolvent.
Your statement is untrue.
Insolvency occurs when a company is unable to meet its obligations to its lenders, and the JV partners are not creditors to FAR.
If FAR are unable to meet the forthcoming FID-related cash calls, however, then they will be in default.
There is an enormous difference.
If your statement were true, then we would not be having this conversation, and the office at 530 Collins Street would have been padlocked by the examiners.