I am extremely concerned by the terms of the Hartree offer, page-303

umfortunately , this was my career for over 20 yrs . The whole process of Liquidations , VA's , Deeds of Co. Arrangements, Receiverships was my bread and butter ..... its probably the only intelligent observations I can add this forum..

Where there is a secured creditor , in almost all cases they will appt a Receiver and Manager over the top of a Voluntary Administrator to keep control of the assets and business. The Receiver is allowed to continue operating the business if that is what the secured creditor wants OR put it in care and maintenance. My guess now it has reached nameplate you would hope it keeps operating till it finds a buyer quickly. Its the '"fire sale" nature of selling a business in receivership is the unknown.

so, assuming viable business the Receiver will want to keep the business going including employment, particularly if existing employees have special or valuable.insight into the operation of the business. So, unless Hartree has lost faith in existing mgt AND has on standby replacements , employees will be kept. Applying that rule to JL you would assume job safe for now.

The Voluntary Administrator can often be a shortcut to Liquidation . Either of these appts simply means a watch and wait over the Receiver and manager. receiverships can often last years depending on the business complexity and ease of dealing with it. Its anyones guess how it would play out BUT the Receiver is under no obligation to find a solution that would pay out shareholders.
They must merely deal with the business as they find it without being negligent. The Receiver and Manager is not there to account to creditors. All that is done through the VA/LIQ.

I hope this answers your question

cheers