In their balance sheet, it is part of their assets. Perhaps the money is there, perhaps it is not. However the fact is, if they are going the bankruptcy route

In their balance sheet, it is part of their assets. Perhaps the money is there, perhaps it is not. However the fact is, if they are going the bankruptcy route and have to sell/distribute their existing asset, then this asset is up for grab in the order that people have the right to the asset. This isn't an asset protected for the customers only. So while there might be money left, it doesn't mean I twill end up in the hands of the customers as they are the last one in line to get proceeds back. If really the money was under the customer's name, "on their behalf", then it wouldn't be an asset under the balance sheet. It would not have been theirs.