Here in the UK, this would be classified as 'in receivership'.
Under Part III of the Insolvency Act 1986, a receiver is appointed by a lender with a charge or mortgage over the company's assets (usually the bank) who, in consequence, of failure to receive payment, wishes the receiver to sell the assets (of the company in receivership) to produce funds to repay the debt.
eg. Rover cars recently!
When a company is bankrupt, rather than closing it immediately and dismissing the workforce, the 'receivers' are brought in to manage the company, find a potential buyer or sell of the assets to recover as much as possible.
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