If in administration, all contracts incl. those of employment canx. Interested party could bid for assets / company wipe out existing debt & put plan to go forward employing essential workers wrt "new plan". This would have to make financial sense to backers i.e. banks etc, but would give new owner(s) full control of a facility supported by new capital.
Difficult for anyone connected with current entity to get formally involved in such a new arrangement, but there are ways & means
that contol could again vest in a spin off company in future years.
Peel of course would gain substantial CTax relief on write off,s though obviously not ideal. Problem with Admin is that they potentially loose control of destiny of their previous asset. As ever loosers ore the good people of Teesside
