Ann: Employment of CEO and CFO Terminated, page-33

The company presented it's half yearly accounts on a non-going concern basis.
The directors report stated (in regards to reasons for a voluntary liquidation),"...to avoid the risk of insolvent trading in the future reporting period."
The "future reporting period" is the 31st December Annual Accounts.

I will agree that as at end of Sept, according to what they have reported, the company had net tangible assets of around $8 - $9 mil. The $5mil from China will be eaten up by the outstanding liabilities as stated on the half year accounts (plus extra for the doubling of the CEO/CFO payout & winding up costs not provided for in those accounts).

If the asset sale goes ahead, there will be even more cash seemingly available.

Given that is the case, why didn't the company state with any confidence in it's announcement re the asset sale, that shareholders would definitely receive a return of capital on winding up ?
"Depending on the quantum of proceeds and the extent of liabilities/costs, there may be a return of capital to PET shareholders."

It's because there are liabilities and forward expenses that have not yet been disclosed.
If not yet incurred at balance date, these don't technically need to be disclosed in financials.
These amounts however will be built into their cashflow projections, that we are not privy to.

An example of undisclosed liabilities are the fines & penalties that the company constantly mentions. It's not unreasonable to assume that the AFP & ASIC have by this stage informed the company through their lawyers, of the range & value of penalties & fines that might well be imposed.

I can't help thinking that their lawyers have negotiated a deal with the authorities to allow them time (to the end of the year) to scrape together as much cash as they can before penalties are imposed.
"The winding-up process will include consultation with the relevant regulatory authorities and other stakeholders."

You need to listen carefully to what they are telling you, and then work out what they're not telling you.