Administration is intended to maximise the chance of the company, or as much as possible of its business, continuing in existence and, if this is not possible, to manage the company in a way that results in a better return for the company’s creditors and members than an immediate winding up would produce. Liquidation is the process of winding up a company's financial affairs in order to provide for an orderly dismantling of the company's structure, appropriate investigations and the fair distribution of the company's assets to its creditors. A receiver is appointed by a secured creditor. The appointment of a receiver can occur during a voluntary administration or a liquidation. See What is administration, liquidation or receivership?

The receiver and manager has seven days after its appointment to disclaim the lease. If the receiver and manager disclaims the lease, the tenant remains liable for the rent payable under the lease. See What does it mean for your lease if a receiver and manager/manager is appointed to a tenant?

The landlord is not entitled to terminate the lease simply because an administrator is appointed. The landlord is not entitled to lock out the tenant during the period of the administration unless it obtains the written consent of the administrator or the court. The administrator is entitled to “disclaim” the lease within five business days of the administrator’s appointment. If the administrator does so, the tenant will no longer continue as tenant under the lease. See What does it mean for your lease if an administrator is appointed to a tenant?

The appointment of a liquidator may entitle a landlord to terminate the lease. Whether or not a landlord is entitled to do so will depend upon whether the clause in the lease that lists the events of default includes the appointment of a liquidator. See What does it mean for your lease if a liquidator is appointed to a tenant?