It's also possible for a creditor to file a petition in bankruptcy court to force an uncooperative/insolvent debtor into bankruptcy.
While this is true, there is usually a requirement that you make a demand for payment of the debt and that it go unpaid for a period of time following that demand. While a debtor is actively seeking solutions such as borrowing, selling personal assets, or selling equity in the enterprise, it's not necessarily smart to immediately petition for involuntary bankruptcy.
Agreed - I'm not saying it's a good idea (frankly I don't have enough facts to have an opinion about that) but mentioning it as a possibility. To me, this seems like it's headed for bankruptcy, unless all of the creditors are so small that individually it's just not worth filing suit. My hunch is that there are going to be a couple of people with balances in the tens of thousands of dollars (or equivalent in BTC) who will go ahead and file (similar to Cartmell v. Bitcoinica) because they'd rather spend a few thousand more getting something filed and use that as leverage to settle and/or to use the civil discovery process to figure out what's going on . . . and from the company's point of view, it probably makes more sense to spend their cash on bankruptcy attorneys rather than fight lawsuits, only to end up in bankruptcy after losing the lawsuits. The bankruptcy action will create an automatic stay on other matters, so regular civil suits will be frozen while the bankruptcy is resolved.