According to the annual report, the company has $58m of plant...

According to the annual report, the company has $58m of plant and equipment. If they can sell this for $40m, it will probably only pay the outstanding debts.

This is a services company so there isn't really any other saleable assets, no factory or real estate. Perhaps they can sell businesses who have long-term service contracts but they will get a reduced rate, unless these parts can be spunoff. Even then, the parasites (administrator, lawyers, banks etc) need to be paid (they aren't charities) and the best you can hope for is a small check or a very small holding in the new business.