Originally Posted by
IBE8720
Do the adminstrators alone get to decide who the winning bid is, or due creditors/shareholders get a say?
Is it as simple as the highest bidder wins, or is there an element subjective opinion involved?
Think of the administrator as the slimy real estate agent who spruiks and markets and then presents the best offers to the home owner (creditor). The real estate agent has no power as the home owner decides if the offers are good enough. Similarly there is nothing stopping another buyer bypassing the real estate agent and going straight to the home owner.
In time the administrator will announce in great fan fare who they perceive has the best offer. However, it’s not even close to a done deal. That’s why final binding offers will be due maybe end of June (I’m not sure) but the actual sale, if there is one, will likely not happen to August. That’s why the extra funding is required.
The horses have only just bolted out of the gates in this race.