No, think about it if time started to move in reverse when space collapses, then all the particles that where moving towards each other would have to trace back to the position the had been which would mean that we are back to space expanding and time therefore would have to start moving forward again which would mean space there would start collapsing again and time would have to go in reverse, which would cause expansion and time to move forward, which would cause collapse and time to reverse....... just an endless loop.