Ann: Noteholder Notice of Meeting, page-50

Voluntary administration is only temporary
It is meant to buy the company a small amount of time
Thetafter one of 3 things happens
1.give company back to the directors..in azz case unlikely
2 . enter into deed with creditors.in azz case the creditors are note holders.so unlikely
3 . appoint a liquidator.imo very likely
In which case the liquidator would sell the assets and pay back note holders first and share holders next.if any left for them