<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States . It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business . The process--in the United Kingdom colloquially called "under administration"--is an alternative to liquidation, or may be a precursor to it . Administration is commenced by an administration order . A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors . The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder . Most countries distinguish between voluntary (board - decided) and involuntary (court - decided) receivership . In voluntary administrative receivership, the administrator is appointed by the company directors . In involuntary administrative receivership, the administrator is appointed by a judicial court . The legal terms for these processes vary from country to country, and the processes may overlap . </P> <P> In Australia, an external administrator, also called an insolvency practitioner, is an independent person that is formally appointed to control an insolvent company's affairs . External administrators can be appointed either by the company's directors, a secured creditor, or by a court, and include: provisional liquidators, liquidators, voluntary administrators, deed administrators, controllers, and receivers . A receivership is when an external administrator known as a "receiver" is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks . </P>

What does it mean to be under administration
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