When businesses say they have gone into "administration", what do they mean?

Question

Or called in the administrators. I am guessing they mean they have gone into bankruptcy, but why do they call in the "administrators" and who are the administrators?

Answer 1

Administrators are people who come into a company (usually from banks or the company which has the majority of the finances at risk) to retrieve as much money as possible. It does this once a company becomes financially unviable and debts exist, Administrators run the business to either make it successful again or sell off assets to repay the money lent to them. This is often paid to the people with the biggest interest first and any remaining credit is then given to previous owners of the company

Answer 2

I am thinking that they mean Administrative Dissolution.

That happens if they don't file their annual report with the Secretary of State.