Liquidation vs CVA26 Sep 2013 08:00
From initial read, under CVA - shareholders are wiped out. Creditors are wiped out (1p in the £1).. The Assets of Avia are sold for a £1 to ACS as an on-going clean business (shareholders see no on-going benefit). Liquidation: All directors within the last 3 years are examined and if the business was trading whilst insolvent their personal liability protection is removed. Whilst ACS obtain the assets the current contracts, I suspect will become frustrated which makes the carry value severly reduced. Mr Giddings and co at last share placing (2011?), I suspect was in that position of trading whilst insolvent. A potential no vote and then let the Liquidator investigate the facts.