I've spoken to the receivers and the business is close to being sold. They have several interested parties and the closing date is Friday for any further bids. Once Simms have sold the business, the directors have the choice to continue but they would need millions to pay out unsecured creditors so it is more than likely they'll go into voluntary administration. They can then offer to pay out unsecured creditors, x amount of cents in the dollar to carry on. Anyone got any further info on this or where ASIC stand? Simms knew nothing of the AMEX payout by the directors
ETC
entertainment media & telecoms corporation limited
