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5. SAFPL has a longstanding commitment to doing business in its local community. As a result of booming sales in the United States, the company

5. SAFPL has a longstanding commitment to doing business in its local community. As a result of booming sales in the United States, the company has some cash available for short term investment. Rather than depositing it in the bank, SAFPL subscribes for unlisted, unrated debentures issued by a local company called Bangzia Ltd. Bangzia has a number of shopfront branches in local towns that look a bit like bank branches; however, Bangzia is not an authorised deposit-taking institution regulated by the Australian Prudential Regulation Authority (APRA). Bangzia uses the money subscribed by investors to make high-risk loans to property developers. Shortly after SAFPL makes its investment, Bangzia is placed into external administration. What rights, if any, does SAFPL have as a debenture holder?

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