Very very unlikely. First of all if the business could be turned...

Very very unlikely.

First of all if the business could be turned around, then it wouldn't have gone into administration. Despite it's technical definition, administration is more commonly used as a stepping stone toward liquidation, rather than pushing the company to the opposite direction. It's like performance improvement program employed by management to "help an employee achieve expected performance goals", which is more of a paperwork process to kick his ass after 3 months without any litigation exposure.

So yea, existing shareholders should just accept the fate and let it go. Don't put your hope up because you'll be more disappointed then.