(see also receivership)
Administration is designed to protect companies from their creditors while undergoing a restructuring plan. During administration control of the business is handed to a licensed insolvency practitioner appointed by the courts.
Administrators will examine whether the company can be saved and may try to sell the company, or part of it, as a "going concern" while stripping out costs.
The mechanism has been used by football clubs (such as Leeds and Crystal Palace), and various retailers (including Courts, Allders and the Gadget Shop).
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As well as Lehman Brothers International (Europe) by pwc