Understanding the Process: How Do Companies Go Into Administration?

Hi everyone,

I’m trying to get a clearer picture of the steps involved when a company faces financial trouble. Specifically, how do companies go into administration? I know it’s a legal process aimed at rescuing a business or getting the best outcome for creditors, but what triggers it exactly?

Who decides to put a company into administration, and what happens afterward? Also, how does this process differ from liquidation? Any insights or resources explaining the typical timeline and the roles of administrators would be really helpful.

Thanks in advance for sharing your knowledge!