If Voluntary Administration is similar to Chapter 11 bankruptcy in the US then this whole complicated financial mess will be up to the Judge. That's the point. Auran will have to give up some control to the courts. In the US Chapter 11 company submits a turnround plan to the court for approval. Creditors are lined up in order of importance (credit position is determined by law) usually bankruptcy lawyers are first then taxes then employees then secured creditors and then unsecured creditors. The judge has the final say as to what plan is in the best interest of all involved. The judge can let the business continue to operate or order liquiation.