How it plays out when you can't pay the bills ANDOVER FILES NOTICE OF CREDITOR PROTECTION
August 23, 2013, Vancouver, B.C. - Andover Mining Corp., (“Andover” or the “Company”) (AOX-TSX: V) (AOVTF-United States) has filed on August 22, 2013, a Notice of Intention to seek creditor protection. This measure was taken to ensure the fair and equitable settlement of the Company’s liabilities in light of the legal challenges launched by Enirgi Group Corporation (wholly owned subsidiary of Sentient Group of Global Resource Funds). Andover management continues to operate the company and its operating subsidiaries and a proposal will be filed with the court in due course.
AOX has about 3M in current liabilities and 3M in long term. AGG has little gold/silver but still what it couldn't pay its bills and needed creditor protection.
What will happen if year end rolls around and BGM can't pay Mr. Sprott?
You say it couldn't happen? Well, remember a year ago when all the long though no will it take till 2013 to get BGM trading....
One day at a time is the slip rate on in trouble projects.... slip, slip, slip., slip.... repeat enough times and you are at year end, then the new year and then...