This study investigates the stock price performance of all listed firms that filed for Administration and Administrative Receivership in the UK between 1996 and 2003. Using event study methodology, we find a significant negative market reaction to Administrative Receivership filings but not to Administration filings. The evidence points to some degree of anticipation by the market participants given the large incidence of pre-filing warnings (e.g., profit and liquidity warnings) in our sample. The results are consistent with a less lenient treatment of shareholders in Administrative Receivership compared to Administration.