IMO, before the remaining cash at bank is about to be drained,...

IMO, before the remaining cash at bank is about to be drained, it is hard to see any ending of the this process of "collate, record and adjudicate fromal proof of debts".

It is tricky that the liquidators did not confirm the debt positions for those unsecured creditors before the settlement with formal directors and auditors. Now people know that there is a substantial amount of fund available in the liquicator's account, it is possible that more people claim to have more debt owned by the company. Of course, this situation also benefits the liquidator because it provides more work for the liquidator to do.

According to the last report, from Aug 2011-Aug 2012, the liquidator took away about $1.3m liquidator fees from the company. The liquidation process would have ended last year if there wasn't the problem of unexpected amount of unsecured creditors lodging their claims. We will see a few more millions of dollars taken away by the liquidator before we can see any payment notice for noteholders.

If the hourly wage is $500 for the liquidator, $1.28m (Liuiqidator remuneration for one year) is enough to make the liquidator (suppose only one person working on the BNB case) work 2560 hours or 320 days (8 hours per day) during last year.

I wonder if the so-called committee of inspect actually works or not. At least we should be able to contact the committee members if the committe actually works.



My opinions only.