Ann: Application for quotation of securities - CLZ, page-95

IMO:

If CLZ becomes insolvent, the liquidators administrators deal with debts that can be paid and maybe shareholders get something (eg 1/10 of the SP value at time of delisting)

The administrators also get paid for they services first

Basically this would all come out of assets whether equipment or the actual valuation of mine (if purchased by another entity)

if some entity purchases the mine in this manner they will be debt free!