Ann: Redflow enters Voluntary Administration, page-38

What you describe is absolutely correct in most cases. But this is a little different. Normally directors are so arrogant that they refuse to accept that they don't know what to do. They run out every last dollar, then they take on debt, then they pitch for more capital, so by the time they're forced to appoint administrators, the creditors will jump straight in and appoint receivers. The receivers have absolute authority and the administrators can only wait until the receivers have gouged out what they can get from the company and handed the mangled remains back to the administrators. In that situation, like Virgin Airlines and Salt Lake Potash and Kalium Lakes, the company is done, the creditors lose their shirts, and the shareholders will get not a cent.

Redflow has no creditors, so there will be no receivership, so the administrators have a free hand to administer the company. The board has basically thrown its collective hands in the air and admitted that they don't know what to do, quite likely after a pre-VA consult as you mentioned. Companies can and frequently do emerge from administration, and are usually better for it.

At least the board didn't fly Redflow right into the ground, leaving a fiery crater with wounded shareholders and creditors picking their way through the wreckage.