I would have thought it was more of a 'keep quiet' bung rather than a generous 'sorry we couldn't get you a job old chap, what do you say we repay your loan and we call it even?'.
If word got out that some had successfully declared themselves bankrupt, then that might well start a chain of cadets shedding the mill stone from their necks.
That, of course, could very well spell the beginning of the end for CTC's ability to train the cadets with the best ability over those with the largest chequebook. Banks become unwilling to lend for flight training, CTC's reputation dies a painfully slow death whilst everyone in the industry becomes embittered by their flexible schemes ruining the T+Cs for the whole profession.
Oh wait... That's already happening.