Ann: Appointment of Voluntary Administrators, page-111

Quite often in these circumstances, shareholders only get back about 5% of their original investment, if lucky, while the original directors get the company back with the Victorian tenements.

They usually then change the company name, go very quiet for a year while collecting a salary, and then try for a capital raise, sometimes supported by an opportunistic small fund manager at the dodgier end of the spectrum.

I've seen this a hundred times over the years in the lifestyle small cap resource stocks on the ASX.

Gw