you clearly do not know the corporations act requirements for...

you clearly do not know the corporations act requirements for this. I work in corporate finance with one of the big 4 so deal with this type of thing on a daily basis.

They are not insolvent as they have the line of credit/loan from the MD available to them to meet current creditors and provide working capital. The majority of non-current creditors (according to the last annual report) are the directors themselves who have not called in the amounts owing. Only if the loan and the director's debts are demanded would they possibly be deemed insolvent. Given the directors themselves control this aspect there is little likelihood of this happening unless they themselves want to call in administrators. Unlikely but possible if MCT gained control I guess.

The $1.2M being chased by MCT does not factor into it at this point also as it's being disputed via the courts.