simple clear no nonsense - What have BIG done wrong, page-79

Please show me where it is common amongst ASX listed companies to get advanced payments on WIP that has not even been agreed to by the end client, yet is used as cash receipts only and not a liability?

Secondly, If it is not a loan, then why does FCC have security over BRTV?
Is it not for advanced payments? Hence upfront loan against future works?

Quite simply...FCC take security as the funds they advance to BRTV (now debt) may be a transferred liability to the SB, but the caveat on that happening, is, it's only once the video is produced and accepted by the SB, until that point the only one liable for that advance (cash) is BRTV = a loan.