You are correct, in the UK, going into Administration just protects you from your debtors. I have gone through this with a previous employer.
An Administrator is appointed to work out whether it is a going concern, negotiate debt payment for critical suppliers and ultimately, get the company back up and running, often with a change of board members. There will often be a lot of cost cutting, leases and rent will be renegotiated, non critical staff will be fired, that sort of thing.
My thought is that someone will come in and buy it to get the rights to the technology. In that case, don't be surprised if Tidal make an offer to do just that. If they don't, they may find that someone else will exploit them.