CTR staying solvent, page-2

The SI's involved actually have security over all assets of CTR as a part of their renegotiated loan.

The SI's are owed money just the same as the landlord or the telephone company, they expect to be paid back and whatever reason that CTR is unable to pay it back is not their problem. It is against the law to trade whilst insolvent and any issues with theft of cash does not relieve them of their directors duties, nor can asic interfere.

If they cant pay their bills as and when they fall due then its not for anyone else to wind them up, they actually are insolvent and trading further is a serious matter.

My friend actually offered an olive branch to the director last week in regards to a renegotiation of the debt and a conversion of all or part of it to avoid this action, however he didnt even receive a response.

he says they can now get stuffed.