Ann: Information for Shareholders on Voluntary Administration, page-102

I think the premise of Clee's case is to argue that IOU had a legitimate offer of loan from Finran which the current BOD refused to take up thereby they resolved to put IOUpay Aust into VA on false grounds of insolvency when that was not the case.

It was only due to the current BOD's self-serving interest which made them refuse Finran's loan as a requirement was current BOD step down and a care-taker board run IOU until EGM vote is conducted. IOU would be solvent as Finran was providing $1.3mil in working capital - so what grounds did current bod claim insolvency other than to protect current bod's self interest and position?