One of the things I uncovered while reading about receivership and liquidiation is the concept of offsets. If two companies in receivership own each other money then it's only the net debt that is counted. Therefore if Allco owes Alleasing money from the LOS and Alleasing owes Allco money from the mezanine finance then it's possible that Allco will not be able to just take their mezzanine finance money and it can be used to offset the LOS. It is complications like this that make me thing the receivers are keen to come to a negotiated agreement rather than just put the trust into receivership. That combined with the fact that the deal can be done more quickly without receivers keeps the odds fairly balanced.
One of the things I uncovered while reading about receivership...
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