The effects bankruptcy will have on your business can differ between whether you're a sole trader or have a limited company.
Bankruptcy and your business: sole trader
If you’re self-employed you may be able to continue trading after you’ve declared yourself bankrupt. However there's no guarantee of this and there is the possibility that the official receiver dealing with your bankruptcy will decide to sell the business.
In most cases, tools needed to do your job will be protected and the official receiver won’t try to sell them. But stock owned by your business is considered an asset and the official receiver may want to sell it.
If you have any employees they'll usually be dismissed and you'll have to hand over all business records to the official receiver.