I'm not an accountant, but I'd be amazed if a company can choose...

I'm not an accountant, but I'd be amazed if a company can choose to write off debts without acceptance of all creditors (of which I am one!). It goes against everything in the Corps Act. The company has first obligation to creditors and very little to shareholders (of which I am also one!). Personally I prefer it this way, James Cruickshank is a greater shareholder than many of us and would stand to gain more than all if shareholders gained above creditors.