**GM preparing for bankruptcy**

[MickyB]

Originally Posted by Dave_au

Wwitching into space cadet mode:

Your right, but it depends on the charge document. Usually most charges can be "defaulted" if an Insolvency Event occurs or the company stops or threatens to stop carrying on its businesses or a material part thereof without the consent of the bank.

Regardless the directors would jump straight to VA as the repercussions of trading whilst insolvent are significantly more onerous than in the US. Going to VA should allow a banking syndicate with security over substantially the whole of the company to appoint a receiver and manager within 13 days of the VA commencing.

I'm sure if any of these occur, the validity of appointment would be challenged one way or another whether it's a VA or an R&M.

Did you write the CPA 'Insolvency and Reconstruction' module, because it's all coming back to me now after reading that mate!
I don't know much about the corporate structure of Holden, but who are it's Directors? Are they based here or abroad?