The VAT man and the Inland revenue man are amongst the secured creditors, no doubt there are others. After the secured have been paid off, the rest if any, is shared out. I know Ive been up that well trodden path
I have a cheque from a liquidator to the value of 6 pence.........
It is proudly displayed on the back of the toilet door...........
I will possibly meet the `offender` next month (yes he carries on his trade as normal) sadly draging him across a busy exhibition hall by his gonads will land me with a public disorder charge (not recommended in my line of work)