"It must be tested how the CEO can claim 10 mill of debt to a company he drove and dispersed. The benefactor (20 odd mill) has also been calling the shots for many months and was well aware of cash and trading position."
$2 paid up capital, the balance of the company working capital injected via Director's secured loans?
If that is the case, the company may well have traded from the beginning with a deficit of assets versus liabilities, in which case it should be possible to successfully challenge the validity of the Directors "loans"?
But not with a Director's appointed Administrator.
"...and get our .0002 cents in the dollar"
That may well be an optimistic assessment!