IMO employee entitlements get first priority, then secured creditors at 100% to the extent possible. Without going back to the notice I think they have received their dosh.
So FAR unsecured creditors have received 3c in the $ and the liquidators are continuing to sniff around the carcass to see what scraps are left.
All the recovery mechanisms I have read in the Corps Act involve insolvent trading in particular for directors 588M & 588G.
If someone is aware of any section(s) that places related party loan payments behind unsecured creditors please let me now as I have better things to do with my time.
Thanks
DYOR IMO etc
IMO employee entitlements get first priority, then secured...
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