There was an interesting piece in the 'Weekend Australian' about...

There was an interesting piece in the 'Weekend Australian' about GM, which said that if their Auditors were unable to certify the company's ability to continue as a 'going concern' their bankers would have the right to call their loans in. Apparently this is one of the covenants in their loan agreements.

I imagine GM has a number of lenders, and although in general their bankers would do better to stay with the situation, it would only take one to break ranks and the whole situation will collapse.

I'm not an Accountant, and wonder if we know whether a similar warning by an Australian company's Auditor would have the same effect?