One can only wonder why the directors who have now left have...

One can only wonder why the directors who have now left have resigned their positions.

Irrespective of the Titanic deck chair shuffle of writing off fictional assets the balance sheet will still show an insolvent company and also one that can't make a profit irrespective of how it trades this financial year because the new auditors will undoubtedly insist that the rest of the fictional assets are written off before they sign off the accounts for the current financial year.

Having said that it must be doubtful that the company will actually continue to trade for much longer as the loan covenants may well be affected by any future 'write downs'.