Hello Jamie1973 and welcome
As far as I am aware, the issue with Administration
is that you as directors will lose control of the company. The Administrator takes control and then runs the company for the benefit of the creditors, not you. This could result in them deciding to close the company anyway.
If you want to remain in control and save the business, I would suggest that either a company voluntary arrangement
or pre-pack liquidation
might be better options to consider.
Been through it too. Helping with sound advice where I can.