Ann: Recapitalisation and AGM, page-38

Here is something that I have posted previously and is well worth the read and addresses your questions in a informed opinion:

http://www.law.unsw.edu.au/news/201...ted-law-firms-lessons-slater-gordons-troubles

Part of this states: "....the law firm, although under the control of an external administrator, continues to represent the clients. Accordingly, sufficient qualified lawyers must remain with the firm to perform work on the client's matters. Lenders would prefer such an option as it enables matters to be finalised so that the work in progress becomes revenue. In such a situation, the external administrator must be empowered to continue to trade and not be required to wind up the law firm."