Can the owners of gift cards get their money if a retailer goes into administration?

Three things have happened together in the last couple of days:

Retail Week ran an article about the problems faced by customers who have Principles giftcards

I read an article based on some research by Zebra Technologies saying that money sitting on gift cards totals £30m in the UK

I was contacted in error by someone who has £60 worth of Bay Trading gift cards and has been told that she cannot spend them in store.

Are consumers who are holding gift cards and vouchers really at risk of losing the value of them if the retailer goes into administration? Presumably they can put in a claim to the administrator like any other creditor? Is it right that the administrator can continue to trade to gain the most value from the stock in the business but refuse to accept gift cards? Is there a government body who will guarantee the money?

Whatever the case, it seems like a good idea if we get out and spend that £30m quick!