Administration occurs when a firm gets into financial difficulties and is taking into administration by an independent administer. The job of an administer is to try and get the firm out of difficulties and avoid insolvency. If the administer is not able to keep the firm as a going concern, it will try and get the best deal for its creditors.
This occurs when a firm fails to keep up its loan repayments. In this case an administrative receiver can be appointed, their job is to try and get back the money owed to the creditor. If necessary the administrator will sell off parts or the whole business