The UK has different bankruptcy laws than the US. Once you declare bankruptcy, that's it: all your accounts are frozen, all your employees go home, the company'

The UK has different bankruptcy laws than the US. Once you declare bankruptcy, that's it: all your accounts are frozen, all your employees go home, the company's assets belong to the courts. It's similar to, but even worse than a chapter 7 bankruptcy. I don't why their system is the way it is, but that's how it works.