If the Company who sells him the goods is "In" Liquidation when he places the order then they have committed an offence and should have told him this when he made his "Purchase" This is therefore by definition a fraudulant Contract.
QED any contract in English Law that leads to an offence being commited, or any breach of legislation then the contract is not 'enforceable'.
IF, when he placed the order the Company was solvent but after, and before delivery of the goods, went into liquidation AND he does not recieve his goods or they are not of 'merchantable quality' then he has a claim against his Card Company.
Different rules apply to 'Debit' than to 'Credit' cards but the Distance Selling regulations were brought in for this purpose.
When did your friend 'make' his purchase, he has a 7 day 'cooling down period' and should cancel the order ASAP if this applies.
You can read the regs here I think you will find they apply. It is the contract with his card issuer where his salvation lays. NOT with the Company, the Bank will very quickly freeze the payment as soon as he informs them that it is DISPUTED.