So much Volume AUZ, page-276

Yeah, but the Loan to buy the shares are " limited recourse". A limited recourse debt is debt in which the creditor has limited claims on the loan in the event of a default.

Without reading the actual agreement, I would say there is a possibility of NO personal liability aside from repossession of the shares if the holder walks away from paying. Dunno - see below.

So, as an example... shares issued at 11.6 cents are now worth 3 cents at time of default. Who pays the difference if debt defaulted = the company i.e., all other shareholders.

Could someone confirm that the relevant shares would be cancelled or are they still held by the individual concerned? Eg., if they are not paid for then title doesn't pass???