jez d
With respect, that's a rather naive thing to say. There are lots of reasons why a business can fail and not necessarily the fault of the management team.
The creditors will probably be presented with a proposal by the administrators for so many pence in the pound; I say probably because I doubt very much that the administrators have sorted out how much is left in the pot (if anything) in order to calculate a distribution yet.
'Phoenixism' is illegal and is so to prevent the habitual wind up and resurrection process that was so popular in the 80s. However, it is possibly to do a 'pre-packed' administration, which allows the administrators to realise some value from the assets of OldCo, as well as save staff jobs, etc. As I said before, if a creditor has registered its interest with the administrators, it will be given a detailed account of the circumstances leading up to the failure of the business.
If the management team of NewCo is the same (or similar) as OldCo, I applaud them for persevering and wish them all the very best with it
TTB