I don't know about Chile, but in Mexico with similar laws the company will go to something similar to chapter 11. And this money owned to employees will the con

I don't know about Chile, but in Mexico with similar laws the company will go to something similar to chapter 11. And this money owned to employees will the considered as part of the company debts (however it'll be the higher priority debt). As a debt it can be negotiated (with unions) or if the company is liquidated it'll be pay (in full or part) out of any money that can be extracted from the company assets.