Liquidation: Corporate governance issues are a matter of the country where the defendant is organized. So if the law there allows them to do it, they can. I'm less familiar with the process of chasing the money. Trying to remember back to law school here: In the US, the debt doesn't just disappear. It would either attach to the old entity (which would have to be paid a fair price for the acquisition of its assets) or the new entity (which acquired its assets and liabilities per the acquisition agreement). So if it has no assets to begin with, it's possible. If it has real assets, it's more difficult to do. Not impossible, just more difficult.