The truth, which ought to have been self evident, is now exposed for all to see by the initial comments of the administrators.
Administration is a process of protecting ailing companies from their creditors, for a limited period at least, with a view to finding a willing buyer and nursing the company back to health. Creditors have to come on board but usually they have little option faced with the prosect of accepting a proportion of their debt being repaid by the ultimate owners or often nothing at all if the company is wound up especially after the expenses of administration are taken into account.
In Gretna's case however, there is no sustainable corporate body to nurse back to health, there never was.
Even if the club own Raydale outright the Inland Revenue, who are a preferred creditor, are due a very large six figure sum, will be first in line for any sale procedes.
As I've said before I can't for the life of me see how this particular club can survive adminisration and come out the other side. They will do very well to limp on until the end of the season and even then will have to shed virtually all of their first team squad to do so.