Sadly this happens and it's usually the employees who are the last to know. Back in the early '80s I was South England Sales Manager for a firm based in Dunoon (Scotland) got home one night to find two heavies on my doorstep, they had come to collect the company car When I asked why they said the firm was in liquidation. I was owed two months salary and my expenses which I eventually got four months latter Oh and they were dead keen to know if I was a director (I wasn't) 'cos then they might have grabbed some of my personal belongings