The purpose of a VA is to suspend all powers of the board with the administrator given upto 30 days, unless extended, to talk to any recap interested parties evaluate the proposals, look at business financials and report back to creditors with options . This provides FW another opportunity to provide the offer he and Allen claim was huge and made to BR ( which the press says BR was not interested in). .
The chances of success r dismal but this is the only hope left. If this does not work than the next options are a coy deed of arrangement which means rearranging assets to pay off the debt which on the maths is not an option here so it then goes into liquidation .
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
