'Most likely, after FGE's final profit downgrade some risk...

'Most likely, after FGE's final profit downgrade some risk manager in ANZ decided that they were dealing with turkeys and that ANZ's asset would best be preserved by going down the administration route. So the liabilities multiply but I suspect that ANZ is pretty high up the creditor tier, so they will preserve their capital. They couldn't give a rats about the lower tier liabilities, including shareholder equity which rates last (and was minimal by this time anyway).'

if they can't claw back some of the 800 million from creditors,

it appear's even the anz will not be getting much back!