Ann: Receivers and Managers Appointed, page-2

I'm confused. How has this proceeded so quickly from administration to receivership.

I understood the purpose of administration was to shield the company from creditors pursuing their debt claims while the administrators had a chance to see if the company could be saved.

This proceeds with two creditors meetings. The first (held last Friday 16) to see if the creditors are happy with to proceed with current administrators or want to appoints new ones.

There is a second meeting up to 28 days later, when the administrator presents a report giving opinions on returning the company to directors, executing a deed of arrangement, or placing the company in liquidation. The creditors then vote to decide which option is followed.

I don't understand how this has proceeded to receivership without a report and second meeting of creditors (as far as I can tell). It seems to defeat what I understand is the purpose of administration to give the company a period of protection to see if it can be resurrected.

I am clearly not a corporate lawyer, and only have the most general of understanding but I would like to know how a receivership can be executed on the same day as the first creditors meeting.

Please explain