As before I have legal insurance which pays all costs
One of two things could happen here. Either the insurance underwriter will advise that there's no legal case and refuse to support the case or, a solicitor will argue that there is, rack up some fees for themselves, then decide there's no case but will have profited from yours (and ultimately, everyone's) insurance premiums.
If a company goes bust, there is no legal case. The Insolvency Act governs the procedures and any decent solicitor will tell you that.
Cheers
Whirls