Freelancers are effectively a supplier - so Mike will be a creditor.The contracted presenters are being paid up apparently, the freelancers (like Mike) obviously won't be. If it is true about them paying the presenters up then surely its not a bankruptcy.
Employees HAVE to be paid redundancy - even if a Company goes into administration. If it's not Sit Up paying the redundancy, then it'll be a state redundancy that they get. They won't get their wages - but they will get a redundancy pay off from someone (most likely, the government).