>"Because of the subordination arrangements, neither an...

>"Because of the subordination arrangements, neither an administrator/liquidator of BNB nor Noteholders or the
Trustee would be entitled to seek the appointment of a liquidator to BBIPL so long as monies remained owing to
BBIPL’s senior lenders."

This is true - as long a subsidiaries of BBIPL remain trading.

This is not true in the event BBIPL and subsidiaries are amalgamated or are individually put in administration by an administrator controlling BNB.

Why would the BNB administrator put all of BBIPL (BBIPL and subsidiaries) in liquidation?

Because the BNB creditors have resolved to do this at a creditors meeting!!