Nice one, as expected. Releasing those financials would clearly...

Nice one, as expected. Releasing those financials would clearly show the management's misrepresentation in full view, exposing them to fraud charges, insolvent trading charges and class actions. However, not sending the reports protects them only to a degree of visibility. They still had and have to prepare financials and keep the books under Corporations Act 2001. Just because they don't show these does not mean they don't exist. Clearly, they have been showing financials to prospective buyers.

It could also be that the potential buyer and administrators are attempting to manage risk of class action, otherwise the buyer would not proceed.

Anyhow, the administrators have to have a solid reason to conceal financials. In my view, in this particular case the administrators are conspiring with the previous management and potentially prospective buyer.

Importantly, the obligation to release the half-yearly was due before the appointment of the administrators on 3 March 2025.

Some with deep pockets should start legal action (possibly class action) to open Mencel and his cronies up to jail terms for insolvent trading and fraud.

Needless to say, financials can be subpoenaed in the first instance in any legal action against this company.