Ann: Employment of CEO and CFO Terminated, page-31

A company does not need to be in a current state of insolvency to go into administration.

The CEO/CFO have guaranteed themselves a 12 month salary payout. This does not indicate they are confident the company is capable of operating for another 12 months. They've stated that it is not.

Although the company at this point of time is not insolvent, it is flying very close to becoming insolvent. Their financial & other disclosures show this.

Their IP has been written down to zero value, and they haven't demonstrated a turnover capable of giving any such asset any value.

There are a number of things shareholders should be challenging -
The 12 month notice payout to CEO/CFO when their contracts only provide for 6 months;
Failing to appoint an administrator before asset sell offs;
The details of any asset sell off;
The details of all liabilities and undisclosed potential liabilites and provisions.

Regardless of all of this, the reality is that shareholders will do nothing.

The opportunities for shareholders to recover whatever they can out of this company have come and gone.