Why don?t more venture capitalists buy businesses out of insolvency?

According to recent statistics from the Insolvency Service, over 3,000 company liquidations took place in England and Wales during the third quarter of 2014. It may be the case that a number of these businesses were purchased either before liquidation or shortly thereafter but it is fair to assume that within these statistics, a fair proportion of businesses that offered attractive products of value have been let down by poor management or cashflow problems.