you need to swap Secured Lenders with Staff - staff rank below Secured lenders but above other unsecured creditors (which includes the ATO).
Growers aren't after shareholders, they are in a different class entirely - QIN provided services to the MIS schemes, so technically if the growers could find an alternative responsible entity they could carry on. Precedent suggests they probably won't.
Ann: Exercise of put option, page-57
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