Sorry you had to go through that. By the time management and the finance team get to a shut down, they have had plenty of time to at least warn employees and let them know the options before them. I just think it’s an atrocious management practice, which I guess helped get them to the shut down to begin with.
Nobody is saying it is good or bad but it happens a lot. Management tries to keep things alive and eventually the bank or someone calls and says it is over.
It is no fun but it beats a situation where the employees work for weeks with no pay and it fails.