received email from gdavid73, page-21

There are a few points that need to be noted about voluntary administration.
1. It is not winding up, the administrators are not empowered to wind up a company until instructed to do so by a vote of the creditors at the second meeting of creditors.
2. The administrators are required to advise creditors on alternatives including returning the company to its directors, entering a deed of arrangement to pay off debt, or winding up the company.
3. The purpose of VA is to protect the directors from personal liability for trading insolvent, and to protect a company while it sorts out how to get its act together.
4. During VA the administrators manage the company in the interests of the creditors, rather that the directors supposedly managing in the interests of the shareholders.
5. It is the creditors who decide (vote on) the path to take.
This is not legal advice it is information extracted from an ASIC document at http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Voluntary_administration_guide_for_creditors.pdf/$file/Voluntary_administration_guide_for_creditors.pdf
Now, as far as I can tell the only creditors of substance are the trade creditors. One would have to wonder if their best interests would not indeed be served by the business continuing, growing and keeping them as long term suppliers. Surely they may be prepared to share the pain via a delayed payment schedule, debt to equity swap, or long term guaranteed supply contracts.
Perhaps it is worth contacting a few creditors to encourage them to contact the administrators to insist that all options in the interests of the creditors be put at the second creditors meeting.