This is a textbook example of what I studied back in University.
When the going concern assumption is violated, the Balance Sheet must be RESTATED at current cost for ALL items. This means the historical cost concept is null and void and all assets must be re-stated at fair value. This may demonstrate that assets on the Balance Sheet may be worth far less than what is recorded in the books, as many items within the Balance Sheet are valued at historical cost.
Similarly, liabilities must ALL be classified as current once going concern is in doubt, as there is no such thing as "long-term" once you can't get past the next 12 months. Hence, the Balance Sheet may show a major net current liability position and working capital may be hard to raise to meet immediate and pressing obligations. All this is contingent upon the ability of the entity to generate sufficient CASH FLOWS to ensure banks do not serve statutory demands on their loans outstanding.