@Duck2021 - if KordaMentha's comments in the recent news article are to be believed, we had $20M in the bank when we called in the admins.
Rumours suggest MAH submitted a letter of demand for unpaid invoices - we now know we owed MAH $34M of which an unknown amount was due immediately.
Paying in full would have potentially led to insolvency. Paying partially would have potentially led a technical default due to breach of loan covenant, which requires companies to have minimum $10M cash balance.
Ann: Update from Receivers and Managers, page-104
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