Ann: Appointment of Administrators, page-185

Maybe. GXY may not have felt the need to appoint an r/m at all. A40 essentially forced their hand by appointing an administrator. The receiver manager works for the secured creditor, so they will have control of the asset while the va investigates it's options and negotiates.

Hard to really know what is happening from the outside, a lot of speculation. The dirt will come out over the next couple of months though. I bet even the administrators don't know what the final outcome will be at this stage.