First, regarding the pursuit of those who have no funds or insufficient funds to cover their liabilities, there is satisfaction in running them into the ground if you wish to prove a point. I've done it, deprived people of their homes, cars, jobs, etc, over debts, and I believe it's worth doing as it serves a reminder to others who might be foolish in the future. It also means that if you're in business yourself, people take you seriously when you ask for your fees.
Second, most companies in difficulty have finance through banks or investors. Whether sole traders, Ltd Cos, or whatever, the nature of the agreements with their financiers is crucial, and also dictates to a large degree who gets what if the business is wound up (preferential creditors).