@audio_PHIL_e Are you saying if I sent my amplifier to Witch Hat for a repair, it would then be classed as one of their assets to be liquidated?
It's not quite as simple as that, but it is very messy.
In the UK, the goods sent for repair remain the sender's goods. However, the sender would need to demonstrate clear title. If you're referring to yourself, then you need to write to the administrator with full details, inc when sent (with tracking details), make & model, serial number, etc. If the item has been repaired you will need to pay the administrator for that repair.
For those in this situation then contact tne administrator immediately with full details. Consult Citizens Advice for advice, or a lawyer
For those that have paid in advance, tnen there is more or less no chance of a direct refund. They will be just one of many unsecured creditors. There is a claim hierarchy, with HMRC at the top, followed by debentures, etc. Recourse to a card company will be needed. This mostly applies to credit card purchases, but not exclusively. Many debit card issuers have their own buyer protection schemes. There is a time limit for claims of non receipt, so check with card issuer.
To be honest, I am amazed that anyone is surprised by this. There have long been reports of delayed or long deliveries. Payments in full in advance of long lead times is nearly always a sign of poor cash flow. Poor cash flow is often caused by a business that is fundementally not profitable, or under capitalised.