Administration (UK)

In the UK, "administration" is a legal process where a company's financial difficulties lead to a court-appointed administrator taking control. The goal is to manage the company's affairs, protect assets, and try to find a way to pay creditors or restructure the business. It provides a breathing space, giving the company protection from legal actions like creditors’ claims, while exploring options to save or efficiently wind down the business. Overall, administration aims to balance the interests of various stakeholders and avoid the harsher outcome of insolvency.