6 ms·

For non-UK folks: "administration" is similar to bankruptcy in the US. https://en.wikipedia.org/wiki/Administration_(law) https://en.wikipedia.org/wiki/Adminis

• mattlondon 4y ago
  Is it more like Chapter 11?
  • neilwilson 4y ago
    No. It's for corporate bodies. When a company goes into administration, the company is dead, and the business is taken over by 'administrators' who run the business and sell it on or wind it up in an orderly fashion. The company is then closed down and any creditors of the company paid out of the remaining proceeds - after the administrators have taken their fee. Think of them as corporate undertakers.
  • AngusH 4y ago
    I think the closest US equivalent in this case is chapter 7 bankruptcy. If I've got it right chapter 11 is more a reorganzation and restructuring, while chapter 7 is disposing of the assets to pay off the creditors. This is the latter and UK administration process is usually a sell off of the assets, occasionally a company is sold as a going concern, but mostly it can't be and gets sold as parts.