ADMINISTRATION

Administration

As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going into administration. A company in administration is operated by the administrator on behalf of the creditors as a going concern while options are sought short of liquidation. These options include recapitalising the business, selling the business to new owners, or demerging it into elements that can be sold and closing the remainder.

The above text is a snippet from Wikipedia: Administration (law)
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administration

Noun

  1. The act of administering; government of public affairs; the service rendered, or duties assumed, in conducting affairs; the conducting of any office or employment; direction.
  2. A body that administers; the executive part of government; the persons collectively who are entrusted with the execution of laws and the superintendence of public affairs; the chief magistrate and his cabinet or council; or the council, or ministry, alone, as in Great Britain.
    Successive US administrations have had similar Middle East policies.
  3. The act of administering, or tendering something to another; dispensation.
    ''the administration of a medicine, of an oath, of justice, or of the sacrament.
  4. Management.
  5. An arrangement whereby an insolvent company can continue trading under supervision.
    The company went into voluntary administration last week.


The above text is a snippet from Wiktionary: administration
and as such is available under the Creative Commons Attribution/Share-Alike License.

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