Seems plausible to me, during bankruptcy or winding down of a company the same happens. If you miss your chance to join the list of creditors then the money has

Seems plausible to me, during bankruptcy or winding down of a company the same happens. If you miss your chance to join the list of creditors then the money has already been disbursed and there's nobody responsible for making you whole. Of course there are a lot of rules and details. A death is like a bankruptcy in that assets are used to pay for debts and remaining debts don't get inherited.