Yesterday, the Federal Court agreed to postpone its decision over whether The Trust Company can place Gippsland Secured Investments (GSI) in receivership.However, the adjournment, granted by Justice Kathleen Farrell, is for one day only. This is well short of the 30 days sought by GSI's counsel, Ross Foreman. He said 30 days would allow GSI to "go to the next stage" with the backing of a "rescue group" of prominent Victorian business leaders and investors. The group includes Duncan Johnston, Richard Rijs, Ray Hack, John Dahlsen, Bill Dahlsen and Harry Rijs.They are said to be working on a recapitalised business model. Foreman asserted, in court, that Trust had agreed with the plan - an assertion contradicted by Trust's legal representative, Alexander Street, who said his client had told GSI it would leave that decision to the court.The decision, by Justice Farrell, means Simon White, representing the "rescue group", is expected back in court today with a decision on whether they group is willing to be directly liable for legal costs and advisers' fees - not necessarily capped, and not necessarily excluding costs incurred so far. These are said to be approaching $1 million.Justice Farrell told the parties, with ASIC also present as a "friend of the court", that she needed to balance the interests of all sides, particularly the note-holders.ASIC's legal representative, Michael Izzo, made three points:- If it is going to get to the stage where a receiver is appointed, this is better done sooner rather than later, to avoid ongoing legal and advisor costs - If Trust is accurate in its assessment that GSI is insolvent, it should not be incurring any further costs at all  - The proposal by the rescue group is of concern as it (a) risks incurring an additional set of costs for debenture holders, and (b), if the recapitalisation was to go ahead, it would be a complex (and costly) process in its own right as it involves setting up two separate managed investment schemes.Justice Farrell said ASIC's observations had led her to limit the time GSI would be given."If all it takes is overnight to avoid giving the shareholders a haircut, we should try. So much damage is done once a receiver is appointed," she said."The difficulty is that it's not apparent to me that this company is solvent," she said.