CORPORATIONS ACT 2001 - SECT 95A Solvency and insolvency (1) A person is solvent if, and only if, the person is able to pay all the person's debts, as and when they become due and payable. (2) A person who is not solvent is insolvent.
Sounds like they are negotiating payment plans with creditors, which is technically solvency as it pushes the due and payable component of the debt back, but really its a last resort and you can bet the directors are sweating!
SIL Price at posting:
6.4¢ Sentiment: None Disclosure: Not Held
