I may be wrong but I think you'll find that shutting down one business and starting another next day doesn't necessarily mean that the debt is assumed anulled.
Something about a "transmission of business" phrase rings a bell.
A check with the Office of Workplace relations or whatever they are called these days should prove enlightening.
Hope that is of some small help in a really sad situation.
The only advice I'd give to the employees is to stick together and chase it up collectively.
Cheers
