By no means all the monies that go through the card processors are reclaimed in the event of failure. Some (as stated here) are for fees actually collected at the airport. Some are for travel next day (very low risk). Some are never reclaimed as travellers do not know, don't bother, reclaim procedure too convoluted, etc. I would say that between 25 and 50% of credit card turnover is never "chargebacked" in these situations.
I am not quite clear how these amounts refunded or not are reported back to the liquidators. If the card processor gets to keep all the money they have at the time, but only actually refunds a proportion, with the large sums under consideration that's a nice little earner which must make the card processor actually start to hope fror bankruptcy.
Which is I think where we came in .......