I think I agree. E.g. it could be argued that the creditors were making an investment judgement in lending the money - and in this case that judgement turned ou

I think I agree. E.g. it could be argued that the creditors were making an investment judgement in lending the money - and in this case that judgement turned out to be wrong, i.e. your investment went bad, the money longer exists, tough. A more balanced view might be to split the 'hit' (as you say).