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Ann: Appointment of Voluntary Administrators, page-122

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262 Posts.

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28/04/23

14:02

Post #: 67507508
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Originally posted by DanMachine: ↑

No, IOU MY is owned by IOU au. It is IOU AU's asset. The wording regarding the malaysian entities is just legalese, its out of their jurisdiction to administrate those companies, but they can still, eg, recommend that IOU AU sells this asset to pay creditors.

I was thinking last night that this might be the plan - Aaron retains control of iSentric by purchasing it off the Admins to pay IOU AU's creditors. But I don't think they will go for that.

IMO the fastest (non Finran) path to IOU AU getting cash is shutting down BNPL and retrieving the book. I think that this is likely what admins will recommend. IOU AU's creditors are not loan sharks, they will happily wait 90 -120 days to get paid in full. I don't think that the BOD expect this can happen or will they like it very much.

I really think that the appointment of administrators to avoid the EGM and therefore the loss of control of the asset for the current BOD is going to end up a hilarious self own.

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DanMachine you posted $341500 outstanding in IOU payment from Araon affidavit. Have you found out any more IOU PAYMENT invoice outstanding?

IOU Price at posting: 4.1¢ Sentiment: Hold Disclosure: Held
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