You seem to misunderstand what makes a company goes bust. It's a...

You seem to misunderstand what makes a company goes bust. It's a failure to meet liabilities as they fall due, and you can't pay bills with trees or accounts receivable, you have to pay them with cash. So that means they have to sell stuff, which is rather the problem at the moment, because their customers aren't buying.

Also, why are you looking at year old accounts?

As at December 31 2016 they had 89.8m of cash, 64m of accounts receivable against 48.8m of accounts payable (you'll need to net those off I'm afraid). Last year they brought in $72m from establishment fees and land sales in the 2H, after the publicity I wouldn't be surprised if that halved, whilst the $34m put option could be exercised in July.

There absolutely is a short term solvency issue.

BTW, S&P downgraded the debt as well, single B on credit watch negative

​

"We lowered the rating because we believe the risk of investor cash flows being lower than what the company expects has heightened because of protracted delays in sandalwood sales into China," said S&P Global Ratings credit analyst Sam Heffernan.​

Quintis' plantation investor cash flows predominantly occur during the last two weeks of June. Therefore, a lack of certainty regarding sandalwood product sales into China could increasingly undermine investor confidence and result in reduced investor cash flows for the year ending June 30, 2017.​

In addition, we consider the probability of an estimated A$35 million option on 400 hectares (ha) being put back to the company could increase if Indian sandalwood product sales are significantly lower than the company expects. Should investor flows and Indian sandalwood product sales be materially lower, then the placement of the option back to the company could test Quintis' liquidity position."​