Because in this particular case as detailed in the CVA document under Liquidation an unsecured creditor will get 0p, whereas under CVA 6p (big deal...)
Agree with all the sentiments above and PGS has...he gets all the assets valued at £157,000 from the £1 million he is to put in...but it's legal...that's the problem/situation...and walking away from £19 million (or is that £23 million...it varies thru' the doc.) in unsecured debts at 6p in the £...at least that's how I read it
PS. Spare a thought?! - for the unsecured creditors who have supplied goods and services to keep EAAC going this far and are taking a dump at 6p in the pound...and no doubt in some cases are causing severe problems for their businesses and their employees...one hell of a subsidy!