You can. But the story would imply that all that money is in receivables; it's hard to seize a big pile of debt, I assume even in Europe.
either the company pays up (in whole or in installments, etc) or the enter into bankruptcy proceedings and the courts appoint someone. if the company is profitable, then as above it'll eventually pay up, if not, then it'll be sold off and the liabilities will be covered up to by the income of the sale.