appointment of receivers and managers, page-42

The VA was appointed by the directors. Probably because the company was, or was becoming, insolvent, and it is illegal to trade whilst knowingly insolvent. You're correct in the options the VA had.

The Receiver is appointed by the noteholders to look after their interests. For some reason they feel unhappy with the VA but this is a common appointment after the company becomes insolvent. Although the Receivers are not acting for all creditors they still have a duty of care towards everyone - creditors and shareholders. They can't, for example, sell the mine to the noteholders, or anyone else, at below the open market value (which is not book value). Really it shouldn't make any difference to the noteholders whether the VA deals with it or their own Receiver. If the Receiver sells the mine for more than the $115m owed to the NHs the surplus is passed back to the VA who would then liquidate. So if the VA sold the mine for more than $115m he would still pay out the NHs first, and then split the balance between the other creditors. No difference - except there are now two lots of fees.