This is not intended as advice and I haven't had any dealings...

This is not intended as advice and I haven't had any dealings with company securities for a long time, however I seem to recall that there may be an issue for the security to become enforceable if the company goes into Administration within 6 months of its registration.
Obviously this is part of Corporations law and no doubt there are many whys and wherefore art thous attached to the rules however it may be why any lender would want to ensure the Company survives at least for 6 months after the security taken (registered)
Perhaps another twist to the never ending saga but I am sure the sophisticated consortium would not wish to end up as unsecured creditors.........