RE: newgen25 Aug 2021 14:45
@Ivybush 'So on default Newgen would be able to dispose of assets for whatever it could realise to repay loan.' I don't believe that is correct.
I believe @Lekka is correct, which is why I questioned the o.p.
Many years ago I was a Commercial Manager at a company in trouble, we owed Barclays North of £6m and they closed us. The receiver appointed then liquidated the assets which, from memory, went - tax man, administrator, first secured creditors/employees the rest.
But Canada may be different.....