Insolvency is not the issue though. The announcement...

Insolvency is not the issue though. The announcement specifically addresses this:

The claim is difficult to understand given the liquidators of Termite have previously accepted that Termite was not insolvent until or about the time at which voluntary administrators were appointed and do not seek to make any claim against the other joint venturer.

Reading the announcement again, the crux of the claim seems to be the long term mining & logistics contractors just testing the waters to see if they can recoup lost profits for the life of the mine that administration denied them, and whether their lost profits on work they never got to do ranks ahead of paying the loans down that established the mine in the first place.

Using the Daryl Kerrigan (The Castle) school of common sense, "tell 'em they're dreamin."