The directors were worried about trading the company whilst knowing it was going to be or very likely to be insolvent shortly. That's why do it now.
An interesting question is why not do it earlier? A liquidator could have then been appointed before the 6 months was up and the banks' charge might not have stood.
Waiting until now only seems to have strengthened the banks' position at the expense of shareholders and, more realistically, noteholders.
why call administrator now, page-2
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