Ive been through administration with an old company i used to work for (we where bought out). I thought if they have been appointed, that means the directors have put it in their hands. Unless a buyer is found its normally game over, they can buy it back depending on the debtors/creditors and a big enough wod of cash.

Sometimes this is done to loss debt, failing that the will just open another ltd Co and trade as Compomotive 89 Ltd or something similar. Even if they get on the director black list they will just stick in the misses name.

I hope thats just fulse information.