Reason for suspension

Grant thornton still are not in a position to sign off on the accounts i hear.

The reason i have heard is that 1.6m of what was raised last october was placed into an account under the control of pirate for the purposes of paying back the note holders. However those nore holders are taking legal action against ctr for non payment along with interest.

The company has finally got access to the said bank account which is empty ofcourse and with no transactions to the debt holders.

Pirate ofcourse has been in london attempting to find cash to pay the piper before it all got exposed.

He has been unsuccessful.

There will be jail time this time for sure.

And the 1.6m is now well over 2m due to interest and the company doesn't have that sort of cash lying around.

Are ctr trading whilst insolvent???

They have reported pirates actions to asic but at the same time are trying to hold off debt holders with excuses that they cant be sure they weren't paid back. Debt holders are sick of the excuses, especially once they checked the bankruptcy registry under the directors names.

The debt holders are determined to get their money and their best option is to ensure ctr is placed into administration whilst it still has some assets.