Here's my theory on what has been set up here ....The company is...

Here's my theory on what has been set up here ....

The company is delaying appointing an administrator until they finalise the deal they've been cooking.
"PET is currently negotiating with a third party regarding a potential divestment of PET’s key assets in exchange for cash."

Here's the deal (my theory) ....
Someone, or a group, want to take over ownership of the Chinese Subsidiary company BEST.

This is what their offer may look like -
1. The buyers take over the lease liabilities in China;
2. The buyers take over the trade payable liabilities of Phoslock;
3. The buyers take over the unfulfilled client contracts;
4. The buyers have to complete the manufacturing setup in order to produce profitable levels of inventory;
5. The buyers take over the responsibility for all and any liabilities Phoslock has in China in relation to regulatory breaches (one legal headache gone);
6. The buyers take over the contract with Phosflow - I would imagine the owner would be making threats of legal action against Phoslock (another legal headache gone);
7. The buyers make a payment to Phoslock of a nominal value for inventory and equipment taken over;
8. The buyers keep the rest of the cash.

Who's the buyer ???