Your BOD is trying to cover themselves and attempting to save their jobs/ milk some more money out of wages. Thats why they called in VA!
As far as shareholders are concerned:
It makes 0 difference between the receivers and administrators. They both have main priority towards secured debtor. Once that's out of way, receivers job is done.
And administrator job becomes to protect employment generated by company. It will do that by offering shareholder equity to unsecured debtors in exchange for debt. Try to get some unsecured debt forfeiture by offering % of debt or assets in exchange for forfeiting the rest of liabilities.
Then: recapitalization by offering shareholder equity to investors for peanuts. (Dragging the process out to milk as much astronomical fees as possible).
As the owners of the company, shareholders role in administrator job is: to forfeit ownership of the company to pay for new entities that may take ownership of company and keep the jobs for workers.
As the shareholders: your worst enemy in this situation is administrator. And with appointment of administrator shareholders have lost the ability to vote and thus protect their interests. Effectively: Shareholders have lost control and ownership of the company. No different from bank swooped in and repossessed your house to auction it off. if there is anything left after milking the cow and nobody can take it from shareholders legally (and that's usually nothing to not much) = shareholders keep it.
That's how it works in reality, sorry to say holders.
