regardless whether the money was reverse, the bank will then become an unsecured creditor holding debt that would rank ahead of noteholders, this is because the notes are subordinate to all debts.
Unless somehow, notes are rank equal with bank debt.
one other point, in term of insolvent. Do they meant for AFG to be insolvent 6 months ago when the charge was put in place or do they mean from 4/11/08 when directors call in the administrator. Because 6 months ago AFG was definitely still solvent.
creditors meeting and ahug , page-21
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