Sounds like a Phoenix to me. The Newco should rise from the ashes of old firm.
Those who have subscriptions may have something to worry about but the business often continues to trade as though nothing has happened. The major creditors are the people who lose most. In recent years that tends to be HMRC with NI and Corporation Tax being unpaid. As long as the directors of the old firm have not done anything that might see them being disqualified as directors, the same people are usually involved.
In other words - wait and see.
