Actually, there is no "folding in good faith" in such like cases.
A company is bankrupt if a point in time can be foreseen, where the company can no longer pay its debtors (employees here are debtors, sometimes even a higher-priority class of such). And while one can argue about the "foreseen" part, e.g. by saying "I did reasonably expect that incoming payment to arrive, which didn't". As soon as you were unable to pay a debt once, or like here even twice, you are actually too late in declaring your bankruptcy. Which, in most jurisdictions, is a crime. And it certainly is in bad faith. If the company isn't actually bankrupt, could pay but won't, then it is also an act of bad faith.
A company is bankrupt if a point in time can be foreseen, where the company can no longer pay its debtors (employees here are debtors, sometimes even a higher-priority class of such). And while one can argue about the "foreseen" part, e.g. by saying "I did reasonably expect that incoming payment to arrive, which didn't". As soon as you were unable to pay a debt once, or like here even twice, you are actually too late in declaring your bankruptcy. Which, in most jurisdictions, is a crime. And it certainly is in bad faith. If the company isn't actually bankrupt, could pay but won't, then it is also an act of bad faith.