Holdings is just a bucket containing the 1921 shares.
I do not see any possibility of 1921 going into administration because it is not in the interests of any of the stakeholders. Only they can put 1921 into administration.
1921 can go insolvent, out of business and cease to exist. Administration is just a station that can be stopped at on the way to insolvency but it is not in the interests of any of the stakeholders to initiate such a stop.