Ann: Appointment of Voluntary Administrators-ARI.AX, page-51

An administration doesn't necessarily mean they are insolvent, now, or even in the immediate future. This particular administrations looks like time buying to restructure the business.

No receivership will happen as there is no security to enforce and an receiver appoints an administrator (receiver and manager) which is what the Arrium board have done voluntarily anyway.

Return company to directors, DOCA or liquidation from here. Too early to tell. I'd be very surprised if a liquidation occurred. If the HY reports are believable there are sufficient tangible assets to cover all creditors.

Remember ARI holders, the administrator works for the creditors not the shareholders.