Honestly I don't think it's anything to be proud of. Racking up a bunch of debt and not being able to service it due to mis-management, and then walking away from said debt.
i agree. It never ceases to amaze me how the corporate world works compared to what private individuals are allowed to do. One mis-timed direct debit and unauthorised overdraft and you get warning letters and fines, whereas companies run year after year making losses and taking out loans up until the point where they just hold up their hands and say “sorry, can we have another go?’