A lot of this will depend on how the business shuts down.
A sole proprietorship, for example, where the sole proprietor dies, cannot be expected to follow many requirements, even if they exist. The records in that case would become part of the estate of the deceased and would be divided and disbursed in accordance with the will, if one exists, or according to the the law of the jurisdiction for intestate handling.
A business that is acquired by another may have a legal requirement to maintain certain records, but again depending on the execution of the takeover, format of the original records, etc., that may be a difficult requirement to maintain.
When businesses go bankrupt, especially when that happens quickly, or when the business is closed down by legal actions (such as Treasury raids, to name one type of takeover or shutdown), then it may be very difficult to even tell who has the records, much less the status of particular records.