@Tripitaka
Not only the lawyers. Essentially from what I understand administration means a team of administrative accountants/auditors look at the books and see how best to pay the creditors.
If they can, they will sell parts of a company as going concerns as these raise the most money for creditors. At worst they will sell all assets and wind the company up.
In doing this THEY charge huge fees! My favourite football team went into administration a few years back and over the course of the process the administrator went from not being a creditor, to being our biggest creditor! They were charging £5k a week to say "nope, not found a buyer yet". You can't really sell a football club off in pieces!
Anyway, they ended up being right-royally screwed which was some comfort to me as the club eventually died
:-(
