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Administration (when a business goes into)

When a court appointed administrator (who is often an accountant) is charged with the duty of taking over the management of the business to run the business as a going concern until such time as a buyer can be found to take over the business. This practice preserves assets (including intangible ones) and jobs, and is often seen as preferable to immediate closure, but it is only feasible if the business is seen as worth preserving. If this is not possible, the administrator will try to get the best possible result for all the creditors concerned. If neither of these outcomes is possible, it will sell the assets of the business and try to pay one or more preferential creditors such as the bank, suppliers, or employees some or part of monies owed.

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