When a company goes into administration, a team of accountants move in try first to see what can be done to keep the business a going concern. If this can't be done, they will usually move to try to raise funds to settle liabilities. If and when they decide the game is up and nothing further can be done the next steps are usually bankruptcy, a winding up order and liquidators appointed on behalf of the court to liquidate what assets remain in order to pay off creditors. And the bad news is, of course, employees are treated as unsecured creditors and are at the bottom of the list for pay-outs.