There is a big difference between Administration and receivership.

A receiver strips and sells all the assets of the club to pay off debts and once that process has been completed then the club faces extinction unless a major investor can be found.

Administration is a protective move where accountants move into the club, freeze the payment of any debts and allow the club and business to keep working day-to-day.

While the club is going about its daily business the administrators are looking at how it can cut costs and even attract new investment.

Once they have secured the situation and they and they are happy that extra funds have been found either by investment or greater running costs then the debts can be paid off.

Secured debts to banks, Inland Revenue and Customs must be paid in full while unsecured creditors, like plumbers, bakers etc may have to settle for a deal like 10 pence in the pound.