Correct on both the bankruptcy part and directors becoming personally liable. You need a stick to prevent directors from making a company trade while insolvent.
They can continue to trade as a going concern because they are attempting to refinance. This isn't likely to produce any results but as long as they can prove they are going through the motions then they can continue as a going concern. If you look at the previous report (half or yearly) immediately before any listed company has gone bankrupt you can always find a note saying "The Director's believe there are reasonable grounds..." and blah blah blah.
This is now a Hail Mary from NAB, they know it's crap but have extended the first repayment date from May 2024 to May 2025 despite CAN not having the money to make the repayment and also breaching their asset gearing ratio covenant which is just a fancy term for debt-to-equity ratio threshold. The reason why I know this is a Hail Mary from NAB is because it's a big gamble on their part as they are taking on the additional risk of receiving less from receivership the longer CAN continues to trade. Total Equity is the buffer that exists between Total Assets - Total Liabilities and the longer CAN continues to trade the more they will eat into this buffer.
The only two possible outcomes I can see from this are that CAN fails to refinance and NAB calls in the receivers or the company convinces NAB to take a haircut on the amount borrowed and a new lender takes over the remaining amount. In the second scenario CAN continues to trade. Getting NAB to take a haircut would require persuading them that they can receive more back from the offer than they would receive from a fire-sale of CAN's assets.
What a dumpster fire.
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