Sorry if this is obvious to everyone else but I'm easily confused. Once 30th June goes by(presuming no variation with creditors has been agreed or miracle investor turns up), the CVA fails and there's nothing Andronikou can do about it. At that point we then owe the full £5 million regardless of any rescue package?
Yes. A CVA is an agreement between the company and its creditors.
As in "I would rather get x pence in the pound back rather than nothing".
If the agreement fails then the original amount is due.
Anyway, I don't think this applies to the Revenue, who I think had protected status at the time it was agreed. They get all of what was originally due, CVA or not.
Hence the timing of any third party intervention is crucial. It has to be before any winding up petition is converted into a winding up order by the court. At that point the full £5M kicks in, along with (presumably mega) current debts.