KR read this:Voluntary administration: A guide for creditors....

KR read this:
Voluntary administration: A guide for creditors. ASIC website

The purpose of voluntary administration

Voluntary administration is designed to resolve a company’s future direction quickly (the below table summarises the process). An independent and suitably qualified person (the voluntary administrator) takes full control of the company to try to work out a way to save either the company or its business.

fingers crossed this can be saved and not be liquidated