system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: A company going into voluntary administration.

Also, what a receiver and administrator are and their functions in this case.
gpt
This happens when a company is in financial difficulty and is unable to pay what it owes, and there is not enough income or expected income for it to be able to do this in future.

An external party (administrator) is then called in or appointed. Their job is to get things either wound up or restructured so that it is viable. This may involve closing some parts of the organization, selling some assets, negotiating with receivers (the people who are owed money, such as suppliers, banks, employees, etc.). 

This negotiation will prioritize who gets money first and likely involves receivers accepting less than the total amount they are owed. This follows the principle of "getting something rather than nothing". When people talk about the receiver getting less, they often say something like, they got 80 cents on the dollar which means for every dollar owed to them, they got paid 80 cents ($800,000 rather than a million)