Yes, I can't see how they can avoid the loan sharks now.
I've never seen anything like this before. I placed way to much faith in them wanting to protect their reputations but as my wife pointed out to me last night they are all at retirement age and probably aren't concerned about how this affects their future employment / earning capacity.
In any event I think our auditors will be taking this out of their hands before the loan sharks have their way with us. Auditors have a mandatory obligation to report insolvent trading to ASIC and ASX. Auditors have to form an opinion on solvency when preparing annual reports which they will be doing right about now. We will get news one way or the other in coming weeks.
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