You may not see your money, but its not a forgone conclusion....

You may not see your money, but its not a forgone conclusion. Voluntary administration gives the company an opportunity to trade out of a liquidity crisis. If the directors didn't appoint the administrators they would be on the hook for breaches of directors duties i.e. trading whilst insolvent. The issue is this convertible note (or whatever it is), sounds like they are making inroads but not close to a solution. Given the timeline the directors probably had no choice.

CNX has good tech that the Chinese are interested in. If the solvency issues can be sorted.. we might still see some cash.

That is my optimistic spin on this bum steer