In a UK context, yes. Chapter 11 and similar do not exist as such in the UK - if you're bust, you're bust, and the receivers are called in[1] to try to liquidate the business as far as possible. Parts of the business can be sold on without some of the debt liability, but that's somewhat different in that it isn't intended[2] to allow the existing owner to continue in business.

[1] Often it continues to trade while they do so, but not necessarily, I believe.

[2] It does happen, though, in that it's not uncommon for the old owner to set up a new business to buy some of the old one, assuming they have not been disqualified from doing so.

Neil