It's a voluntary admin not a receivership though. Surprising the debt holders (assume they are secured) didn't enforce their security and appoint receivers.
My take - and I could be 100% off the mark, this is my best guess - is their auditors wanted them to write down assets. They sacked this lot of auditors and hired some new ones, the new auditors affirmed the write downs. This created either a negative net asset position or likelihood of insolvency in the future and they "voluntarily" pulled the plug under a lot of pressure.
Administrator announcements say they'll look to sell or recap the business immediately. Without knowing numbers hard to know how big the hole is. Hard to imagine much of an appetite for equity unless Mr Hughes puts in large. Otherwise debt markets for drillers are pretty frozen.
Unless Mitchell do something silly, again, not sure this ship turns around.
