When a business becomes insolvent, it means that it cannot pay its debts as they become due. This can result in several outcomes, but the most likely outcome is liquidation, which means the business will be closed down and its assets will be sold to pay off its debts.
Continuity may not be possible if the business is unable to pay its debts, and it may not be able to continue operating. Expansion is also unlikely as the business will not have the resources to invest in growth. Re-incorporation may be possible, but it would depend on the circumstances of the insolvency and whether the business is able to restructure its finances and operations in a way that makes it viable again.
In summary, insolvency can lead to the closure of a business and the sale of its assets to pay off its debts. It is unlikely to result in continuity or expansion, and re-incorporation may only be possible in certain circumstances.