this was taken from 'Receivership: a guide for creditors'
Employees are a special class of unsecured creditors. In a receivership, in certain circumstances, some of their outstanding entitlements are paid in priority to the debt of the secured creditor. If you are an employee, see ASIC’s information sheet ‘Receivership: a guide for employees’.
So I think what they are trying to say is that some employee entitlements have a very high ranking while others rank equally with unsecured creditors
which is why the administrator warned them not to expect full entitlements
if $370m of noteholders and $120m of unsecured creditors (i.e. close to half a billion dollars of unsecured credit) were unlikely to receive ANYTHING, then don't you think the administrator would have been very clear today, instead of dropping a hint through their mention of employee entitlements?
play the game guys, not the man.
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