Ive been thinking about this, and thinking about the link between some of the people that are lending them money and the previous owners.
Say you owned 100% of a company that looked like it was about to go tits up. You knew that if it did, you were going to get NOTHING from it, you would lose everything. Money is owed to the Bank too. So say you got together a few associates. Say you sold the company to one of them for a £1 or so. They knew what they were buying. The new 'owner' then negotiated to pay off the bank loans with future money that was coming in. The Banks are now happy, the only outstandings are some tax and player cash still owed - small change when thinking of the overall worth of the business. Say you and some of your associates then "lend" the said company some "money", vast amounts, all drawn up properly as loan notes. So now you have a shell company owned by someone you know, and lost of different investors who you also know through various ventures - all of whom will be considered creditors if the company goes bust.
So, the company goes go into administration. The Administrators manage to sell it off for a small percentage of its actual worth - but the important thing is that is actually sold, something that no-one could manage wih the business before. The "investors" get back X% of their "investment"....