Agents suggest that the current market value is less than than the borrower's booked value, hence it is anticipated that secured creditors will suffer a shortfall. That's it; usual story. No adjectives were used to describe the severity of the shortfall, but the verb 'suffer' says it all.
Which fails to mention the likely shortfall mentioned in the administrators report (due to the fact the security isn't worth as much as we were told it was). Nor does it explain why consultants need to be brought in to submit renewed planning permission which could have been secured by starting construction (which may have the same effect, and also add value to the site).
The planning issue seems to be related to pre-commencement conditions that have not been met.
"As per the planning consent, there are a number of pre-commencement conditions that have not been discharged. The current planning permission is due to elapse in January 2021, being three years from the date of approval."