The bonus money paid to executives is not available to the bankrupt estate and therefore to innocent third parties. They arguably should be subject to clawback.
Should all incentive pay be treated similarly? What about commissions for salespeople? Should payments to consultants also be 'clawed back', perhaps depending on what kind of consulting they were doing, and whether it was related to the bankruptcy?
I think this would quickly get complicated and have many unanticipated results; you might have situations where key employees start leaving when they think the company is going down, thereby causing a complete failure.
