So a previously profitable company is suddenly insolvent and saddled with back-dated debts.
You've got it pegged. A name change on the stationary - shit there isn't even any of that anymore, is cheap. A new legal entity - onshore LLC or way-offshore - a couple of hundred quid/$s.
This model of squiggling out of debts and responsibilities has been honed to a fine art by the current leader of the free world.
Makes you wonder why any citizen of any country should pledge fealty (pay taxes) to their nation. Well, maybe in the non-democracies like the USSR where you'll just disappear. I hear there is some form of adulation between the US imPOTUS and the USSR tzar.