The company didn't cease to exist; they still had (have?) employees finishing existing contracts. They also tried to raise money to staff back up and finish off the Walking Dead games.
I don’t excuse management for a second; they must have known the coffers were bare while they were still hiring.
After that the money goes to other instances (like the loan by the bank etc).
EDIT: They are paid out their outstanding wage for their performed work, not to the end of their contracts