> Debts don't simply "disappear" because a company goes out of business
Yes, they basically do, if it's a limited liability entity (LLC, Corp, etc.) absent the special conditions being met for piercing the corporate veil.
> And there already exist nondischargeable debts
That effects bankruptcy, not termination of the entity with exhaustion of assets leaving unresolved debt. Just like death or individual whose estate is entirely consumed leaving unpaid debt, if no one else is legally liable for the specific debt, it dies with the debtor.
Yes, they basically do, if it's a limited liability entity (LLC, Corp, etc.) absent the special conditions being met for piercing the corporate veil.
> And there already exist nondischargeable debts
That effects bankruptcy, not termination of the entity with exhaustion of assets leaving unresolved debt. Just like death or individual whose estate is entirely consumed leaving unpaid debt, if no one else is legally liable for the specific debt, it dies with the debtor.