It maybe semantics to you, but when you ask for "professional advice" as to what the admins do, don't come the raw prawn with me because you've mis-described the question/process yourself.

The things you describe are not malpractice, but in reality are quite commonplace in companies struggling with cashflow (and thus ending in administration) because sadly HMRC are a soft touch. Many of the smaller creditors caught up in the mess are probably only owed money on normal trade terms, or again have lax credit control.

If they did find real malpractice, then whistleblowing would very much be within their remit.

What they have been doing is trying to find a non liquidation solution, and, given the complexities of structure created by MM, the twin interferences of compensation claims and a sometimes unhelpful regulator, this takes time. Plus in a post covid world with economic worries in the air for many reasons (war, brexit and, and....) it isn't easy to flog an old donkey for the price of a racehorse