From a technical perspective if the finance is not extended - a formalised default is registered and then, from my understanding, the loans become immediately payable......with a formal demand issued by the banks.....technically after this time the banks can appoint a receiver....
Uncle Glen will also know the potential legal minefield if they traded beyond the formal demand - they would be technically insolvent - unable to meet their liabilities as they fall due...which could render them personally liable for any debts created after this date - as a result, the board would almost certainly appoint administrators or ask the banks to appoint receivers......IF this was the case....
The board will have had extensive legal advice and would not do anything stupid....my money is on an ann tommorrow .
From a technical perspective if the finance is not extended - a...
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