I believe it does. In the case of California, there is an exception for "unforeseeable circumstances." Bankruptcy is usually very predictable. The law doesn't m

I believe it does. In the case of California, there is an exception for "unforeseeable circumstances." Bankruptcy is usually very predictable. The law doesn't mean you can't go bankrupt; you just have to give people warning. The fact is the MO of most companies is to deny anything is wrong right up until the moment everyone gets fired. One needs look no further than the Telltale games saga.