Well, liquidation is the last thing to happen to a company, but there are many things that could happen before that. If a company cannot meet it's liabilities as they fall due, the directors could be accused of trading whilst insolvent and that's an offence the directors could go to prison for. However, if those directors swear on a bible in front of a lawyer now and again, saying they believe funds will become available/they'll trade their way out of it, etc., the company can legally continue to do business.
A CVL can take a long time - more time than most distressed companies have - and even then, the court needs to decide. I know of several companies where the Crown has applied for a CVL but the company is still trading 8 months later! Also, very few SMEs read the London Gazette; the first they'll know of a company in admin (apart from chasing a/p) is when the administrator writes to them saying they're in control. Presumably, this is the letter than DennisK received, but it doesn't necessarily mean it's the end of the road. I wonder if the owners of Blade/Loop looked at a Corporate Voluntary Arrangement? Who called in the administrators?