Bancruptcy court only gets involved when it has been determined that the company doesn't have enough money to pay off all their debts.

Currently the company is undergoing volunatry liquidation, a phase during which they try to come to an agreement over their outstanding debts with their creditors, and try to make deals to prevent the worst case of having any outstanding debts at the end. At the same time they liquidate all their assets, so they can pay their creditors. You usually have better negotion skill/market insight/etc., so you can sell your assets at a higher price than the bancruptcy court would.

Usually, you would auction off the assets for the highest price in order to prevent insolvency, but here it seems they thought it would be better to try and defraud the creditors of their money.