When a company goes into administration, the company is dead, and the business is taken over by 'administrators' who run the business and sell it on or wind it up in an orderly fashion.
The company is then closed down and any creditors of the company paid out of the remaining proceeds - after the administrators have taken their fee.
I think the closest US equivalent in this case is chapter 7 bankruptcy.
If I've got it right chapter 11 is more a reorganzation and restructuring, while chapter 7 is disposing of the assets to pay off the creditors.
This is the latter and UK administration process is usually a sell off of the assets, occasionally a company is sold as a going concern, but mostly it can't be and gets sold as parts.
Reminds me of Chanje, the Chinese EV manufacturer that went bust. I bought one of their beluga-enormous white vans from Ryder for a song and it’s wonderful. Chanje scaled all the way up to million unit beluga-enormous EV van production on Chinese government incentives and then immediately went bankrupt when the incentives went away.
Looks like a bunch of grifters paying themselves big piles of money and delivering very little.
Edit: And there it is ... shocker
Britishvolt was founded by Lars Carlstrom, a Swedish automotive executive, and Orral Nadjari, a financier with connections in the Middle East. The former quit two years ago after revelations that he was a convicted tax fraudster. The latter quit this summer amid speculation that he was not up to the job of leading the business into commercialisation.
You can tell straight away it's a grift from the fact they went thru the trouble of creating a computer graphic of how their factory would look like. I mean, who cares what the factory looks like?
https://archive.is/cR213 - a Times piece from November. They tried to find a buyer and failed but I wouldn't be surprised if some of those interested pick up the pieces from Administration at a haircut of what they would have had to pay.
"The company is understood to be down to its last £5 million. With a monthly wage bill of £2.5 million for the 300 executives and R&D engineers on its books, at an average salary of £100,000 a year, that is unlikely to get the business through Christmas"
I wonder if they had adopted a leaner approach of starting with a smaller factory/factories and scaling up they could have avoided this. Multi £B deals that require a cold-start seem destined for failure.
https://en.wikipedia.org/wiki/Administration_(law)