Unfortunately its up to the administrators to made...

Unfortunately its up to the administrators to made recommendations to creditors then they will have a vote on what will happen. 3 possible outcomes, 1 company returns to the board & keep going (not gonna happen), 2 deed of company arrangements (DOCA), where all parties agrees to the restructuring of the company ie debt for equity, change of board...could be anything, 3 liquidation.

If I recall correctly 26% of companies in VA are saved so not a high succesful rate, as for ARI I am rating DOCA & liquidation as 50 50.