My understanding of the process is: - When a company fails to...

My understanding of the process is:
- When a company fails to pay its debts to a creditor, the creditor can force the company into administration.
(From memory, HML's creditors are all related parties such as JBL)
- The administrator will try to run the company in such a manner that it is able to repay the creditor.
- If the administrator deems that it's not possible or feasible for the company to repay the creditor, it will bring in liqiudators.
- Liquidators will sell the company's assets as quickly as possible.
(Assets are usually at bargain prices and you also need to remember that HML's assets are already inflated like a hot air balloon)
- Liquidators will then distribute proceeds of these sales according to debt seniority.
(Remember that shareholders rank last in debt seniority)

Also you may remember from a news article not too long ago that Stuart McAuliffe has positioned himself as a most senior creditor for HML, claiming that six figures worth of employee benefits are owed to him.For this reason I hope that ASIC play their hand before it comes to the liquidators.