If its got no assets to pay staff then it's been trading illegally. You have to wind up before this point. I'm a bit rusty on the insolvency act but I think it was staff first, then HMRC (although it could be the other way around).
(edit: whoops, forgot the highest priority: the insolvency practitioners themselves. no matter what, they get a slice of cake)
Biting the hand that feeds IT
