I suggest well all read about the debacle of Biggin Hill Helicopters
http://www.pprune.org/rotorheads/286...licopters.html
Assets were flogged off, creditors/staff/students were left high and dry, and the people at the top walked away scot free, the company continued to be listed as trading up to 2 years after it all went belly up.
Doesn't matter what the law says, it's remarkably easy to rip people off and move on to go do it again, what with shell companies and other ways to dodge it.