Depends. Assuming it was a Ltd company, if the new owners bought the company's shares, then the company is still trading and has to satisfy its contracts, despite the change in shareholders. If the new owners only bought the assets off the original company, including the name, but not it's liabilities, then the original company remains responsible to those customers.
If the original company was in administration, any funds it has, including the proceeds of any asset sales by the Administrators, must be used to satisfy its debts. But, the government must be paid first for any backlog in VAT, taxes and National Insurance. Secured creditors also collect their money (e.g., mortgages), before unsecured creditors (customers and suppliers).
Rarely, but it can happen, if it is shown the previous directors are guilty of wrongful trading (simply, continuing to trade when they knew the company would be financially unable to meet its obligations), it may be possible to include the directors personal assets in any claim against the company. This is difficult to achieve, but has been done. I think something like this happened the last time Norton went bust, a few years ago.
