That's primarily because since 2004 someone's pension funds doesn't comprise part of their bankrupt's estate, unless they've behaved fraudulently. It's the primary reason why bankruptcies are so de rigueur among recently retired footballers, as they usually have significant funds in their pension which they can get at from (iirc) the age of 35 (earlier if their careers are cut short by injury). It's a relatively easy, cost effective and painless (for them) way of realigning their ingoings and outgoings once the big bucks stop rolling in.
You are right and speak like a man who speaks from experience of this? Aren't the government trying to bring in laws to allow the official receiver to raid your pension pot to?
What puzzles me is if this was White's family business and one would assume limited why did he not just like everyone else sink the company and start up again under a slightly different name?