Have to wait to see what the Directors' strategy is...they have a fair bit of skin in the game and don't think Bruce is just going to role over...when he owns 21.52% of the company...rich people don't just give money away...He must have an exit strategy...IMO.
For what it's worth...
Directors may have placed WDR into voluntary Admin to protect it... before MBL put it into liquidation.
Voluntary Administration was introduced to provide companies with a flexible procedure which allows company directors to act quickly without the need for member approval if the company is insolvent or is likely to become insolvent in the near future. The process provides companies the time to develop and implement strategies to restructure its debts under the independent supervision of a Registered Insolvency Practitioner. The main benefit of a Voluntary Administration is that it provides the company an opportunity to continue operating subject to creditor approval of the restructuring plan.
Voluntary Administration is internationally viewed as a successful financial restructuring tool which has helped many Australian businesses to survive. Voluntary Administration is an expensive process so we only advise our clients to proceed down this path if the business is financially viable and can be restructured. If the underlying business is not financially viable then we recommend that the company be placed directly into liquidation to avoid unnecessary costs.
