Money
Administration (insolvency)
A UK insolvency process where an administrator takes control of a struggling company to try to rescue it, or sell it or its parts for the best price, while protecting it from creditors.
A plain-English explanation of how this usually works, not legal advice. Rules differ between countries and change over time, so check your own situation. Disclaimer.
You'll hear it as
The company went into administration and was bought out of it a week later.
Why it matters to you.
Staff are often transferred to a buyer under TUPE, but redundancies and unpaid wages are common. The government can pay some statutory amounts.
Related terms.
Videos.
No video mentions Administration (insolvency) by name yet. These are on the same topic, Business & startups.