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Originally Posted by MickyB
The interesting thing is that in Australia company's cannot become 'bankrupt'. They can be put under administration, enter receivership, or enter liquidation. I'm not sure how a foreign owned company would be dealt with, but if it occurred in Aus then it could not undergo bankruptcy. Only non corporate entity's such as individuals and partnerships can become bankrupt.
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Apart from the outcome of the GM restructure, Holden could end up in Receivership or Administration if the company was reliant in a letter of support from GM to satisfy and pay the debts of GMH if or when they occur.
That is to say, if Holden needed the support of it's parent to remain a going concern (which could be possible if Holden bore the brunt of a number of costs eg engineering etc) and then if the parent collapsed, the company may not be solvent, resulting in the directors going to a VA or a race by what I would assume to be a local banking syndicate to appoint a receiver.