go into administration ?

[flowerseed]

The holidaymakers booked the cruise through Travelscope but the tour operator went into administration in December last year, leading to the loss of 200 jobs and cancelling the holiday plans of 40,000 people.

Questions: What does " went into administration " mean? Why it turned out the loss of 200 jobs was the result of someone going into administration? Can any native speakers help me? Thanks in advance!

 

[buggles]

If a firm goes into administration, it's generally regarded as having gone bankrupt.
It cannot afford to carry on, so it ceases trading. In such a case, the workers no longer have a firm to work for so they lose their jobs.

Buggles (Native speaker, but not a teacher).