External Administration, page-27

Seems there is a bit of difference between receivers and administrstors , with the former seeming the better of the two . I wish everyone the best. I was lucky enough to exit almost all my holdings and I count myself as very very lucky as I had over 5m shares at one stage sometimes it's good to be cynical and on occasions you miss out on profits but in this instance it worked in my favour
I sincerely wish everyone the best . The company has some deep pocketed shareholders incuding Len Ainsworth , a number of the boys at Morgan's to name a few so paying back the debt of the creditor that sent in the receiver may still be an option.

So it looks like in the case of receivership STL crew are still operating the company with limitations

A Company in Administration
A company will be placed in administration when the directors of the company form the opinion that the company is insolvent, or is likely to become insolvent. An administrator, who is a person external to the company, is appointed to manage the company in the interim. An administrator must be a registered liquidator.

A voluntary administrator can be appointed in various ways:

1. By the directors of the company;
2. By a liquidator or provisional liquidator;
3. By a secured creditor.

During the voluntary administration, an administrator will:

1. Take control of the company’s assets;
2. Investigate the company’s affairs;
3. Report any offences to ASIC;
4. Assist the directors to produce a Deed of Company Arrangement;
5. Report to creditors on the best course of action which will provide the most lucrative outcome for the creditors;
6. Call the requisite meetings of creditors in order to decide whether or not the company should be wound up and placed in liquidation or continue to trade.

During an administration creditors have 3 options moving forward:

1. Accept a proposal for a Deed of Company Arrangement;
2. End the voluntary administration and pass control of the company back to the company directors;
3. Liquidate the company.

A Company in Receivership
A company will go into receivership when an independent receiver is appointed by a secured creditor or, in rare circumstances, by the court, to take control of some or all of the company’s assets.

Commonly, receivers are appointed by secured creditors pursuant to the terms of a charge (e.g. a mortgage, fixed and floating charge over the company’s assets, etc).

The role of a receiver is to collect and sell enough of the charged assets to repay the debt owed to the secured creditor.

The difference between receivership and other forms of external administration is that the appointment of a receiver does not affect the legal existence of the company. The directors of the relevant company still remain in office but their powers are limited depending upon the powers granted to the receiver and the extent of the assets over which the receiver is appointed.