It doesn't always mean what it looks like it means, FWIW. The dad of one of my close friends defaulted on a £600m loan, essentially 'strategically' in order to

It doesn't always mean what it looks like it means, FWIW. The dad of one of my close friends defaulted on a £600m loan, essentially 'strategically' in order to play hardball, and it got reported by lots of newspapers as if he'd gone bankrupt. I think a lot of people extrapolate from personal finances to business (or in that case HNW) finances, and it doesn't really work that way.