Q: Are debts that were discharged under a court bankruptcy order exempt also according to halachah?
A: Halachah provides liquidation arrangements for one who is unable to pay (siddur l’baal chov), but not discharge of debt (except yovel [C.M. 97:23-27]).
Nonetheless, a creditor who participated in the bankruptcy proceedings forgoes the remainder even without a kinyan, since this is the commercial practice (Pischei Teshuvah 12:19).
Minchas Yitzchak (3:134) rules that a creditor who did not participate in the bankruptcy proceedings and did not forgo his loan can still claim it.
But Igros Moshe (C.M. 2:62) writes that dina d’malchusa applies to bankruptcy rulings, since bankruptcy settlement is not a private issue between individuals, but a societal one. All the more so bankruptcy of corporations, which presumably includes non-Jews. He writes that one who received more than his legal share from the debtor must return the excess to the trustee. Others add, regarding corporations, that since all their financial matters operate according to law, anyone who deals with them does so with this understanding (Pischei Choshen, Halvaah 2:).