Ann: Suspension from Official Quotation, page-313

Nobody knows quite how bad things are, obviously missing this $10m would be worst case. I imagine there are unsecured creditors like barristers and other suppliers right across spectrum in UK and Australia getting very nervous.

In this kind situation (pre-formal insolvency), the pecking order is

1. Secured Lenders (2. Staff entitlements)
3. Unsecured creditors
4. Shareholders

The problem always this kind situation is Secured Lenders have all the power and only one main interest: as close to 100c in dollar for them as possible. Sometimes what they need to do to get their ~100c serves those down pecking order, but oftentimes it doesn't at all especially if they have decided only <100c is realistic. Just don't know yet the lender attitude here. But common story once stock Suspended in financial distress is the Secured Lenders just going after maximising their cents in dollar - there are hundreds of HC threads over past years, going for months on ASX-listed companies in this kind situation with shareholders waiting wondering in dark whether will get anything at all out of the wash-up.

Given still "working with auditors" latest announcement and way "news" breaking in AFR as firm prediction and the bucketing of management, there is no sign of required lender support here yet - other than still going, of course.