A procedure under the Insolvency Act 1986 where a company may be reorganised or its assets realised under the protection of a statutory moratorium (www.practicallaw.com/A36462). The company is put into administration and an administrator (www.practicallaw.com/A35783) appointed. At the end of the administration, the business has hopefully survived and the company rescued or the business and/or the company's assets have been sold by the administrator. A company may be put into administration by court order or by an out-of-court procedure available to the company itself, its directors (www.practicallaw.com/A34876) or the holder of a qualifying floating charge (www.practicallaw.com/3-202-3140).
For an overview of the administration process, see Practice note, Administration (www.practicallaw.com/3-107-3975).