Seen this time and time again in manufacturing industry.
Will the chairman do a pheonix and buy the assets he wanrs for a nominal sum and shed all the debt and liabilities to suppliers and staff. then launch emerald mk2 with the 748's and operate just as before.
yes some may point out the official possition of receivers / administractors. but there are ways around everything.
example: competitor of ours went into adminastrative receivership last year, turnover £ 1.5m, debtor book £250 k, creditors book £600 K, machinery value £250 k.
net result: started up new company with similar name, bought machinery from receiver (no one else got a look in, no option for open market auction) for £ 50 k, wiped out all debt to suppliers and tax / vat man. got out of obligation on property lease. said £ 50k went to receiver and his friend who valued machinery, made them very happy. no one else got anything.
All becaause they moved around title of assets and directors loans on such and goodwill. all legal.