As well as the family connection others have mentioned, there is still a worse stigma about insolvency in the UK than the US for instance. I gather the actual

As well as the family connection others have mentioned, there is still a worse stigma about insolvency in the UK than the US for instance. I gather the actual process is more involved too. Administration, might be exactly what this company needs. Remembering that there are lots of people's livelihoods at stake here apart from the owners, this might be what allows them to ditch their debt and invest in some modern equipment. It seems to me that keeping the hand fitting element in place, but working from much more complete blanks would make scissors that are just as good, but a company that is much more profitable.