Genuine question, I always understood bankruptcy was when you...

Genuine question, I always understood bankruptcy was when you could not pay your debts when they fall due.

If the company continues to trade and runs up more debt, the directors become personally liable (at some point).

Is that true, and how can the directors assure the shareholders that it's a going concern.

Is it because NAB suspects if they demand their money they may get nothing?

If that the case, NAB is banking on CAN trading their way out of this. Yes?

Poor bastards.