How can a website go bankrupt?
If a company is little more than a website, what’s to stop a company that’s bankrupted by lawsuits or the like from just taking all the code and data and reopening a site under a new domain, especially if the "assets" could not be sold as part of the bankruptcy?
Your typical internet forum, like vBulletin or Invision Power Board. All that the "assets" consist of are a software license and a database, maybe some banner contracts or something like that.