The $5 million colt known as Jimmy at the centre of the collapse of BC3 Thoroughbreds remains stable as he battles the life-threatening hoof disease laminitis.

Mark Webster, managing director of William Inglis & Son which now controls the colt, said the half brother to Black Caviar was receiving the best of care at Victoria's Werribee Veterinary Clinic.

Inglis relocated eight horses from the property of former BC3 chairman Bill Vlahos last week after the company was placed into voluntary administration.

BC3 signed to buy Jimmy for $5 million at the Inglis Easter sale but defaulted on the payment.

In his blog on Tuesday, Webster said Inglis was working with the administrators towards the sale of the eight horses taken into their care last week.

"We are now working alongside the administrator from Moore Stephens to on-sell seven two-year-olds and one yearling that are secured as the property of Inglis," Webster said.

"We also hold security over Jimmy, and are in regular contact with the team of veterinarians that are managing his welfare and treatment at the Werribee Clinic.

"Jimmy is in excellent hands, he is alert and able to walk short distances with the assistance of pain relief medication.

"The prognosis is still guarded and uncertain for Jimmy, but rest assured he is in the best of care."

Webster said he was shocked by the revelations relating to Vlahos who is being sued over missing millions from a so-called punters' club.

He said until this year, BC3 had been a respected client and had paid their bills on time.

"They have graduated from buying inexpensive horses for pin hooking in the first few years to more elite horses in more recent times, having demonstrated a good track record of paying on time," Webster said.

"This is the first time BC3 has defaulted and it is unfortunate for many involved noting it involves an expensive and high profile horse.

"I don't normally discuss client terms, but for the record BC3 was given 30 day terms in relation to the purchase of Jimmy, which they did not comply with despite our warnings and attempts to recover payment."

Webster said it was normal practice to provide credit.

"If we didn't provide clients with reasonable credit terms our racing industry would grind to a halt as trainers and syndicators need time to on-sell shares in horses," he said.

"A licensed syndicator needs to register a PDS with a regulator (RVL or RNSW) under ASIC rules before they can accept payment for a share in a racehorse. This makes it impossible for a syndicator to pay for a horse on the day of purchase.

"In providing credit we take on risk which is something we review on a regular basis, but it is fair to say I'm not aware of anybody who predicted what has unfolded in recent weeks regarding the private life of Bill Vlahos.