In the UK I think if you're bankrupt (insolvent) then that's it you're done, you're not trading anymore, and they will call in a third-party company to wrap you up and sell all your stuff and you're not likely getting any money out of it as an owner or shareholder.
Applying for this kind protection allows a company to continue doing business while halting creditor claims. However, they have to undergo a formal process where they have to construct a restructuring plan to be reviewed and approved by the courts.
The UK this process is apparently called administration [2], and there are several mechanisms for restructuring and dealing with creditors.
[1] https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_S...
[2] https://en.wikipedia.org/wiki/Administration_in_United_Kingd...
It's regular practice in USA/Canada.
E.g. tobacco companies in Canada filed for bankruptcy the second they lost a big lawsuit against them. They were also careful enough to structure their Canadian ops as highly dependent subsidiaries. So even when whatever cash was left gets distributed, the parent still profits from its Canadian ops.
https://financialpost.com/news/retail-marketing/imperial-tob...
The nice thing about North american bankruptcies is that it's a public process, so you get a view into their operations that may never otherwise be/become public.
https://documentcentre.ey.com/#/detail-engmt?eid=402
Lots of opiate manufacturers going down the same road.