That's not actually correct GXY issued a default notice only...

That's not actually correct

GXY issued a default notice only because MC and the gang placed the company into Voluntary administration -prior to the existing standstill agreement expiring and during ongoing discussions.



Once it was placed into VA by a40, GXY had to act, there was no possibility of another extension of the standstill or to negotiate any further -

it was MC's choice to take all shareholders down this path and to make sure he became a priority creditor.