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administration

noun [U] (BUSINESS CLOSING)
 
 
/ədˌmɪn.ɪˈstreɪ.ʃən/ UK

Definition

the process that takes place when a company cannot pay its debts and is allowed to make changes to its organization to try to avoid going into liquidation (= when a business is closed and the things it owns are sold): The company has gone into administration, in order for money to be returned to creditors.Starting, succeeding and failing in business
(Definition of administration noun (BUSINESS CLOSING) from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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