It's because there wouldn't have been a potential investor at...

It's because there wouldn't have been a potential investor at the cusp of buying in, or if they were, they were put off by incompetence.

The role of the administrator, isn't to dissolve the company, its to find any solution to resolve the situation (in this case, no money) that's in the best interest of the company and shareholders, or dissolve the company noting there is no viable option.

You'd hope that these guys can do the math on the possibilities of the operation, bypass the CEO and their "conversations" in the market and find a decent partner/buyer for the project...

I'm writing it off as a disappointing loss, but its in the hands of the admin teams now.