I don't think the Secretary of State put the company into administration, she has no such power over a private company.  She merely made an announcement of the Rover board decision to go into administration.

The Government could not make an unsecured loan to MG Rover without being in breach of European Law. The loan could only be secured in this case if the deal with the Chinese was signed.

P.S. I'll bet the Phoenix consortium are laughing all the way to the bank.