Corporate bankruptcy is subject to laws
Federal laws govern the operations of any company that closes down its operations so as to deal with the debts that have affected the business. Investors will be scared if corporate bankruptcy filing is on course, the stock becomes useless or the securities lose all their value. There are certain chapters of bankruptcy law that allow the company to function as if nothing has happened. This is meant to offer it the time and opportunity to restructure and till it bounces back to profit making levels.
During company liquidation creditors will mostly choose an insolvency practitioner to be the liquidator and oversee the closing of the company. A practitioner will always charge some liquidation fees. It is the responsibility of the company to clear the amount if it has money to pay. If it can not pay then some of its assets are sold and the money collected is then used to cater for liquidation.