IMO the future is centred on the $4.6 mil loan which will not be...

IMO the future is centred on the $4.6 mil loan which will not be repaid,nor will any interest ever be paid. Some might say it was to be used as an instrument to...... The question is whether the company was solvent when the loan was made and the test is whether a person is 'able to pay their debts as and when they fall due'. At face value it is simple,but it will be a question for the Magnis Administrator. If the company was insolvent, the plan to take security over assets of the company in exchange for a $4.6 mil loan is broken.