Pinky,
Although I agree with your sentiments the reality of Administration requires the Administrator to assess the business case for the operations, value the assets and then try to find a buyer. If possible the business continues trading, providing the continuance of trade does not increase debts! If a genuine buyer can be found who has the resources to compete in O'Connors operating environments then so much the better. The other and sadder alternative is the closure of operations and the sale of all assets to pay creditors which includes staff who unfortunately are usually classified as unsecured crreditors and stand at the end of the queue.