Ann: Update on Voluntary Administration, page-5

That's only the case if they actually wind the company up, or if there is a capital restructure and the company resumes trading. Salt Lake Potash (SO4) and Kalium Lakes (KLL) have both resulted the original company being bought and "parked" by private investors. In these case the company is not operating, it's stock is not publicly traded, but the company is not wound up either. Investors who held shares when the stock went into suspension are stuck in limbo with no prospect of being able to close out their holdings and crystallise a capital loss.