This happend to the company I worked for - a musical instruments company, and the owner decalred bankruptcy(sp)
I hate to say it, but the hundreds and hundreds of people who had paid for guitars, piano's etc in good faith and were "awaiting delivery" (in reality the delivery was never gonna happen - the cunt embezelled the cash and never ordered the customers stuff

) never got shit. It all went to liquidators, and I don't know what happened after that. I know I am still out of pocket by £1500 for wages owed etc...