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this post was submitted on 29 Jun 2024
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I'll agree that's a good thing, but that depends on there being assets (likely in this case), but it also means workers may have to wait months or years before the bankruptcy proceedings are complete. That shouldn't be a burden lower wage workers have to shoulder.
No and in a classic capitalist paradise, in the US state DOLs/BOLIs have emergency funds out of which they pay workers wages. For the capitalists who couldn't. Privatize the gains, socialize the losses. Learned about that when a regional Thai restaurant chain went under, declared bankruptcy and then the state paid their workers. So messed up. Such a great reason to get corporate shielding so your "personal" gains aren't subject to clawback.
Corporate law has to change, but unlikely as things are.