Administration

Business, Legal & Accounting Glossary

Definition: Administration


Administration

Quick Summary of Administration


An insolvency procedure, in which a company is in severe trouble, but still with some hope of recovery, may be put into the charge of a court-appointed administrator. Going into administration means the company cannot be wound up without the court’s permission.




Full Definition of Administration


The performance of executive duties in an institution or business. The Small Business Administration is responsible for the administration of some disaster-relief loans. In government, the practical management and direction of some department or agency in the executive branch; in general, the entire class of public officials and employees managing the executive department. The management and distribution of the estate of a decedent performed under the supervision of the surrogate’s or probate court by a person duly qualified and legally appointed. If the decedent made a valid will designating someone called an executor to handle this function, the court will issue that person letters testamentary as authority to do so. If a person dies intestate or did not name an executor in his or her will, the court will appoint an administrator and grant him or her letters of administration to perform the duties of administration.

An executor or administrator must carry out the responsibilities of administration, including collection and preservation of the decedent’s assets; payment of debts and claims against the estate; payment of estate tax; and distribution of the balance of the estate to the decedent’s heirs.


Cite Term


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Page URL
https://payrollheaven.com/define/administration/
Modern Language Association (MLA):
Administration. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
January 24, 2022 https://payrollheaven.com/define/administration/.
Chicago Manual of Style (CMS):
Administration. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/administration/ (accessed: January 24, 2022).
American Psychological Association (APA):
Administration. PayrollHeaven.com. Retrieved January 24, 2022
, from PayrollHeaven.com website: https://payrollheaven.com/define/administration/

Definition Sources


Definitions for Administration are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 8th October, 2021 | 7 Views.