Insolvency Practitioners have the power to investigate company affairs that happened prior to the business entering administration or liquidation. If it's proven that assets were sold to another company at a knock down price, the director could be made personally liable for the company's debt, as it is considered as 'wrongful trading'.
The administrator or liquidator can actually get an order from the Court to reverse the sale of the assets as well.
Tread carefully if you wish to go ahead with selling assets and make sure you go about things the correct way. You must obtain professional valuations from a RICS surveyor and keep records of all sales and correspondence. You must also make sure the company's board approves your plans.
It's a complex process and can easily be misconstrued as wrongdoing so if you're unsure what to do, seek legal or insolvency advice.