It’s worth drawing a distinction between personal and business bankruptcy. In private life bankruptcy is a fair sign that someone has a hard time managing their money. Not always. Sometimes **** happens. With business there’s the same mind of **** happens thing, where it’s not necessarily irresponsible behavior that gets you to that point. But also there is the practice of using bankruptcy as a financial tool. Personally I think that is immoral, because you’re trying to get out of paying creditors what they’re owed.
Here's the thing - if you do that as a way to do business , then soon enough, no one will do business with you. In energy trading, you have to take counterparty risk into account. If you don't , you will wind up with a lot of worthless paper on your hands.