Recievership isn't necessarily the end. Having "been there, done it and got the T-shirt" twice during the Thatcher era, I speak from experience.
The reciever will always try to sell the business (as opposed to the actual company) as a "going-concern", and the process of recievership itself can be a way of freeing a troubled business of historical problems and giving it a fresh start under new ownership.
A weel kent name like Penicuik Windows will, I'm certain, be attractive to many potential buyers once the Reciever effectively takes its past problems on to his own shoulders and puts the name, assets and order book up for sale, unencumbered by the old company's debts.
For the time being at least, the Reciever will probably employ the workforce himself, and thereafter...... Well, let's hope!