Hang on, from what has been stated above, they are going into 'administration', this means or, at least, implies that they intend to pay their debts, nothing dishonourable about that!
The theory of Administration is that they cannot currently pay their debts, or have defaulted on a debt or debt covenant. Either the directors or the debt holder has called in the Administrators.
The Administrators are charged with running the business with a view to recovery. However very seldom do they recover and pay their debts in full. Consequently people get cynical and (rightly) assume that Administration means the same as Liquidation - no or only a partial repayment of the debts owed.
Administration does allow the company to continue trading more easily with a view to a sale as a 'going concern'. It does not immediately result in the redundancy of the staff.