500e, all I, and toptobottom were doing is explaining the general principles behind company and business insolvency. The various terms of Administration, Receivership and Liquidation appear to have been used interchangeably, whereas they are all separate and distinct procedures resulting in different outcomes. I can't make any comment as to what is right and wrong since there has not been any confirmation of which insolvency route is bein taken.
Cheers
Whirls