If there is residual value here (as some claim), why can't the owner sell the business? No buyer willing to assume lawsuit risk?
Its likely that shutting down before the next big bill hits (end of month?) then liquidating is most profitable route since it appears that it is operating at a loss. Im sure there is residual value here, but probably less as a whole.
If there is lawsuit risk, buyers may prefer dissolution of the company and just aquiring its assets instead.