I did quite a bit of reading up on what the scope of power the business rescue has. So this is quite amusing.
The business rescue Practitioner was appointed by the court order after the Creditors took this action.
The Practitioner has full power over the companies affairs. They have the power to remove directors and all financial decisions have to be approved by him.
If you reminder. One of the project two be sold was listed in Ichor's share holder updates suggest only one of the sales was under business rescue.
Clearly this is not the case. The Partitioner clearly intends both sales will go to paying the creditors. Which means poor ol pete and co will get nothing.
No money to pay the bridging loan they will benefit from.
No money to pay Okap's consulting fee's
No money to pay for the $1.3m in travel and meets expenses for a CR that never happened.
No money for the new and exciting project.
Thus. The legal action. (Against a court appointed Partitioner) lol.
Interestingly. The Business rescue partitioner also has the power to initiate an investigation with the proper authorities if fraud is found.
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