Interesting development. (I have absolutely no idea about this...

Interesting development. (I have absolutely no idea about this but....) looks like an opportunistic play by Caspian Limited whilst IEC has the outstanding 1m+ Letter of Demand from the government still being worked through.

Assuming no corruption through the process, the core purpose of an administrator is to rescue the company, not push it into bankruptcy. So even if Caspian are successful in their petition, which I doubt they would be (assuming the facts as laid out in this announcement are correct and there is no corruption), the administration process should be a relatively quick one.

This is definitely not a positive development, but looks to be more (unwanted) noise than anything more serious.

Every time things start to look up for this company, some external force seems to come in and knock it back down again.