Ref Insolvency.
Having just been through it I speak from experience. The secured creditors have the first call on any proceeds from sale of assets ( normally the bank ) if any thing is left after this the employees are paid and then any unsecured creditors ( all the unlucky suppliers) . There is Government scheme that pays up to $2,000 to employees to cover unpaid wages and severence. This in in Canada, not sure what the EU rules are but i would suspect they are similar .The only one who wins in any insolvency is the receiver who has all their fees ( sometimes substantial) covered by proceeds of the asset sale.