I'm interested to know if there is any action we the students can take to recover money owing etc??
Find out who the administrator is and register yourself as a creditor. You will then have a legal right to be kept in touch with the winding up of the company and invitations to meetings etc.
You may not get much (any) money back, but it is an education finding out about the murky world of commerce. And you might get the opportunity to vent your spleen at a meeting or two.