It means the class action will be a waste of money.Essentially...

It means the class action will be a waste of money.
Essentially the administrator must approve all expenditure from this point forward, and there is a good chance the Administrator will wind this lot up long before any class action is successful. The class action will be just one more factor that would have pushed this crowd to Administration. A disgraceful chapter in Australian Corporate history!

I am not sure exactly what the legal ramifications are for a company being in Receivership as regards to a class action.
But essentially the managers have handed control to the receivers, which I believe would mean the receivers would be the ones answering most of the questions in court.

After debts are settled there will be no money left for a class action settlement.