Ann: Suspension from Official Quotation, page-132

Subsidiaries are separate, distinct legal entities for the purposes of taxation, regulation and liability. ... In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. - subsidiary Wikipedia

So you would need legislation to enable the law to pierce through the veil of the companies being separate legal entities, and there would need to be public policy grounds for that and the money and motivation. One example is shifting debt to avoid payment of liabilities. Not the case here.

The Board decided to separate the most costly part of the future operation, from the rest of the company.

This is not a fun situation and I signalled caution about dealing with the Chinese a while back.

But it has a long way to play out. Going into administration doesn't mean further deals can't be done.

It is however going to be difficult and always is when you aren't negotiating from a position of strength. WP and the Board of Immunotherapies are signalling they aren't that desperate to take just any deal and at least signs of life and of rebellion.