If we lived in this world, companies could just change hands whenever they wish to disgorge their debts. “We’re owned by a different shell holding company now, it’s not our problem.”

See the issue?

Here’s another way of framing this point: when selling a company, which liabilities do you feel should follow through to new ownership and which shouldn’t? Tax obligations? Real estate mortgages? Employee compensation?

Selling a company shouldn’t be a one-way risk valve. You punch the ticket, you take the ride.