Ann: Market Update on KBL Debt, page-24

If KBL cannot repay the loan a receiver is appointed. The receiver sells the assets and pays all debts. If there is a surplus, the receiver retires and the company carries on. If the amount realised is less than the total owing plus the very large fees to the receiver, the amount available is distributed pro rata and the company is wound up. That is a simplified story but pretty accurate.