The bankruptcy of multilayer corporate conglomerates that include hundreds of interconnected subsidiary firms constitutes one of the most complex and methodologically challenging areas of contemporary economic and legal reality. The study is aimed at overcoming the existing gap between quantitative financial models, which are traditionally focused on predictive assessment of default probability, and legal doctrine, which predominantly describes and analyzes ex post insolvency resolution procedures. The purpose of the article is to develop and theoretically substantiate a conceptual model that establishes a correlation between the topology of the ownership network within a corporate group, the effectiveness of legal instruments for resolving bankruptcy, and the final level of recoveries for creditors. The methodological basis of the study is interdisciplinary in nature and relies on a systematic review of the academic literature (Scopus, WoS, SSRN), a comparative legal analysis of key doctrines (substantive consolidation in US law and procedural coordination within the EU), as well as a detailed case study design (Parmalat, Lehman Brothers). The results obtained demonstrate that complex, opaque, and dynamically transforming ownership structures function not only as indicators of elevated risk, but also as an instrument for the deliberate exploitation of legal issues and uncertainties, including questions of determining the center of main interests (COMI) and the practice of forum shopping. The paper argues and demonstrates that the specific configuration and connectivity of the ownership network directly generate jurisdictional conflict and the chaotization of proceedings, disorganize the application of legal mechanisms, and systematically reduce the level of satisfaction of creditors’ claims, especially those of unsecured creditors. The presented study has both practical and theoretical relevance for regulators, insolvency practitioners, institutional and private investors, as well as scholars working in the field of corporate law and financial analysis.

Corporate group, bankruptcy, insolvency

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