AFAIK the company went into administration and was then bought in its entirety an hour later. Struggling to get any details, its shareholding/directors loans/etc was a real tangle. The deal has been shrouded in rumour and misinformation because the debts are wide reaching and sizeable within the industry. All very messy,
What surprises me is that paying invoices for work not carried out directly is not seen as avoidance of corporation tax by the buyer, it comes straight off their bottom line. The supplier invoices for service they have not supplied so I would have thought that would be unearned income.
Amazingly, these deals are repositioning the company from the incompetents that ran up huge debts and went pop to the good guys trying to "do the right thing"!
All the same staff, senior personnel and it seems it's business as usual. Just a whole heap of debt written off. Fortunately we sent in the heavies to recover our debt before all this kicked off.