Mr. Francis Doherty:

I did not have any significant reason not to believe it. On paper, there was a competent, experienced board which had just got a compliance rating from AHBRA, a few weeks earlier. There were cash flow pressures, but much of that was down to debtors and many of those debtors were State agencies so there was an expectation that as the number of debtors reduced, the cash flow pressures would ease.