[AngusH]

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.