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Odds are they would file for bankruptcy protection first meaning no one can sue them for outstanding money for a period of time while they try to save their asses.
Normally indebted companies do not pay clients. Data would be forced to pay iBill only and it would be up to iBill to pay what they owe. The only exception would be to sue Data, class action, after iBill is gone. That would be a long shot as it is iBill, not Data, that technically owes you money.
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