Deliberate Bankruptcy?
Anybody here know bankruptcy law? Let's say we have 2 exploration companies, Company X and Company Y, owned/managed by the same people or by people with a collective interest. Company X makes a huge discovery and spends millions drilling but never does a 43-101. Company Y lends Company X a few dollars. Management then deliberately bankrupts Company X and Company Y claims the huge discovery (which has no established 43-101 value) against its loan to Company X. Would this scam work?