"Instead, the insolvency process tries to treat everyone equally, so that they would pay out everybody 60% of their share, instead of some people getting all th

"Instead, the insolvency process tries to treat everyone equally, so that they would pay out everybody 60% of their share, instead of some people getting all their money and some losing everything." No, there are a number of parties that get their money first, like the liquidator, the tax man, privileged creditors, etc. Which usually means that the concurrent creditors should be happy to get a few percent of their claims (the average here in the Netherlands is 3%). Not disagreeing with your point, in fact reinforcing it - the proposal of the GP is preposterous under the law, and a flagrant violation of bankruptcy law across the world.