Countdown to administration, page-146

That would be the preferred way. VA appointed by the Board triggers RCV being appointed under the SFA with McN very likely indeed to get the appointment although it is likely to be a jointly held commission between the AU and UK operations and perhaps even within the AU operations (particularly given the number of sites, offices etc to be dealt with).

Then there is also the matter of the Legal Receivers being appointed by the LSB. Given the size of the operations here locally, it would likely be a national firm that would be appointed so as to avoid the need for separate appointments being made in each state, or in relation to each of the individual entities. In this regard, there are probably only a dozen or so firms that would likely fit the bill, so it's probably a matter of also getting them sorted and /or co-ordinated.

So:
- Company
+ Board = VA
==>
+ Banks = Receivers
===>
+ Legal Practice = Legal Receivers being appointed by the relevant regulators.