Future active distribution grids (ADGs) will incorporate a plethora of Distributed Generators (DGs) and other Distributed Energy Resources (DERs), allowing them to provide ancillary services in grid-connected mode and, if necessary, operate in an islanded mode to increase reliability and resilience. In this paper, we investigate the ability of an ADG to provide frequency control (FC) in grid-connected mode and ensure reliable islanded operation for a pre-specified time period. First, we formulate the operation of the grid participating in European-type FC markets as a centralized multi-period optimal power flow problem with a rolling horizon of 24 hours. Then, we include constraints to the grid-connected operational problem to guarantee the ability to switch to islanded operation at every time instant. Finally, we explore the technical and economic feasibility of offering these services on a balanced low-voltage distribution network. The results show that the proposed scheme is able to offer and respond to different FC products, while ensuring that there is adequate energy capacity at every time step to satisfy critical load in the islanded mode.