To make your situation clear: the shareholders are not...

To make your situation clear: the shareholders are not creditors, they are the owners of the business. What has happened here is that the creditors have said "we are taking our money back now", and they have appoint receivers to go and get it. The receivers have the power to take cash, chase debtors, and sell assets in a bit to get the creditors' money back for them. Luckily they can't chase shareholders' personal assets. Often, if the business is anywhere near being a going concern, the receivers will sell the whole business for as much as they can get (up to a point). Once this process is complete, the owners get a share of whatever is left.

It's a bit like the bailiff turning up at your house to recover your credit card debts.

I've been through this process three times now. There has never been any return to shareholders. I put this down to these main reasons:

1. Nobody likes to admit failure. Company directors are not an exception. You could argue that the personality of a person that seeks a directorship is one even less likely than normal to recognise failure. Therefore most companies are far beyond the point where a rational person would say "success isn't possible" by the time the creditors step in.
2. The receiver is responsible to the creditors, not the shareholders. Once the receiver has produced enough money to repay the creditors in full, they have no incentive to push for more. They will just give the smoking wreckage back to the administrators to do with what they will. Or if the business is sold as a whole, the receiver has no reason to push for a higher price once enough has been negotiated to repay the creditors.