Lawyers for Arrium had a secret meeting on March 11 with insolvency specialist Grant Thornton about a "contingency planning exercise" for a possible voluntary administration, more than 3½ weeks before a deadline expired on a refinancing package by United States vulture fund GSO.

On Friday March 11, Grant Thornton partner Paul Billingham and the firm's head of financial advisory Said Jahani were sent an email by John Nestel, a partner from law firm Herbert Smith Freehills, requesting they attend a "confidential meeting".