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Assets get sold off at an auction. Some company controlled by the same owners bids $2 or $2000 or something comparably irrelevant for the patent portfolio, because only a patent troll needs these trash patents, and all the other patent trolls already have their packs. The creditors of the insolvent get these pennies, but the previous owners continue their patent trolling business under a new company and name with the same bad patents.

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What's the alternative?

They value it at 423,000$ and they give that to their creditor instead? Can they really do that and would it be better? How so?

Well, no, generally they can't shove it off on their creditor and say "there we're even", if that's what you mean.

There's a whole field of law about bankruptcy. In particular, questions about how to value assets are obviously a big component of bankruptcy law.

I imagine "it's complicated" when it comes to intangible/intellectual property like patents, brands, etc.

If the patents have some assertion value, what are the odds that only one company in the world will recognize that?

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