Originally Posted by
Dassets
This isn't a can of worms more like a 44 gallon barrel of their own making. The $1.5bil, my estimate as at beginning of week, of "credits" now grows bigger. The more money this company accepts without refund is probably now breaching a bunch of consumer protection legislation. It isn't good enough just to have it in fine print. Go ask the banks and insurers about running that argument or pay day loan providers. But moreover that credit is owed to hundreds of thousand of kiwis and what that brings. It is effectively propping up the company. I will repeat they then supposedly saying they will deliver service over the next 12 months at which time they do not receive any cash. AIR has a second and larger cash crisis coming at them.
The company will then have multiple class actions launched. A full blown receivership was the only answer and still is. Only problem now is the hole is bigger. Reminds me of Nick Lesson and his magic 88888 account. BTW met him before his fame.
How now can the directors possibly think they are not insolvent? The rule is 12 months. A nice opinion from a
Law firm and nifty numbers from some accounting firm wont be written on enough paper for the amount of arse that needs to be covered.
Now who can I find around here to carry a 44 gallon can.