voluntary administration, page-15

Only if the administrator can come to an arrangement with the creditors.

It works like this. The creditors will probably get nothing or, let's say, there's enough after the bank, administrator, tax man etc to give the unsecured, that's trade, creditors, 20c in the $.

If the shareholders (or anyone else) was prepared to put in enough money to get it going again (working capital) plus enough dough to make the payout to the creditors 40c, or 50c in the $, the creds might agree to relinquish all claims on the company and you're up and running again with your shareholdings intact. For what they are worth.

Unfortunately here I think you would be lucky. Whoever takes it over will have to supply a bond for remediation. SBM, for example, took over the failed Sons of Gwalia gold mines for $1 - plus taking on the remediation liabilities of several million.