When a company gets into financial trouble and is unable to pay its debts, an administrator or administrative receiver may be appointed.
The main goal of an administrator is to rescue the company as a going concern. If this isn’t possible, the administrator will try to get a better result for the creditors – by rescuing parts of the business – than would be possible if the company was wound up.
The term administration, as used in the context of government, differs according to the jurisdiction under which it operates. In general terms, administration can be described as a decision making body.
