Shutting down a business because it's not profitable is not the same as being insolvent.  It doesn't matter if CryptoXchange is losing money hand over fist as long as KenseyCol (the actual company) can meet the financial obligations of CryptoXchange.  I know it's not very satisfying to the community, but the truth is that people can shut down a company for any reason they like and if they can meet their financial obligations they don't really owe anyone explanations about why they no longer wish to operate the business.

It is a waiting game right now, but the fact that they're upgrading the MrBitcoins site suggests that they intend to keep operating that business - something they would not be able to do if the company is insolvent.  There is no indication that they're planning to shut down MrBitcoins and the notice about upgrading the site is new - it's been posted since the announcement of the CryptoXchange shut-down.

I guess we all just wait and see what upgrades are made to the MrBitcoins site (this is supposed to be done by 26 November) and whether payments start being processed over the next couple of weeks.