PPB are the receivers acting for whichever creditor has called in their debt. Pitcher partners have been appointed administrators by the directors, most likely, to protect themselves from an insolvent trading claim. With both administrators and receivers appointed just watch the value (if any) of the business destroyed.
All the receivers will be interested in is recovering the debt owed to the relevant creditor. The administrator will concern themselves with whether or not the business can continue. With administrators appointed there are (at face value) a number of restriction on dealing with contracts or otherwise calling in debt.
The administrators must call a first creditors meeting within 8 business days of the commencement of the administration. If you really care about what is going on then you need to ask the administrators when and where they are going to call this meeting, because all the big ticket creditors (or their reps) will be there. Meeting notices are usually also published in the Australian or the Financial Review. Unless the court intervenes, 20 business days after the administrator a further meeting must be called to determine the fate of the company - live or die. Based on my understanding of rubbish that this company holds, my bet is on die = liquidation.
The creditors will not care what the shareholders want - it will be a case of money talks. You'd likely be better to let the company go into liquidation for fire sale of assets than trying to buy out the line of creditors (and likely unpaid contractors).
AYN Price at posting:
0.1¢ Sentiment: None Disclosure: Held
