Bollocks,
generally when the administrator finishes his job ( has spent all the remaining money),
if there is no money left to examine whether the company traded whilst insolvent, one of two things occurs
1) he/she invites creditors to fund an examination as to whether the company traded whilst insolvent ( making more money for the administrator)
2) recommends winding the company up
Been there a few times and 2) is what happens, and got stiffed under GEERS as well, administrator used common law agreements to pay staff.
Directors walk away scott free, live in single daughters mansions, or prime river front $$$$$ properties