Creating sub-companies is common business practice that even small businesses use. Like if a small company wants to buy a building, they may form an LLC to hold the property to isolate that risk from the rest of their business.
Performance under existing contracts is still required to shutdown. The mechanisms for getting around contract performance without bankruptcy essentially require handing control of the company to the contractual counter-parties.
The most likely outcome is that some PE firm would buy the software rights out of bankruptcy and figure out how to bleed money out of people that want to continue using that software.
Would it, if legally required at the point of sale of the good the source code is based on and utilizes? I doubt creditors claiming ignorance of state law works well as a defense.
Or cap them to a reasonable standard: 100% of revenues derived from the game.
Whenever the topic of regulating companies comes up, there's way too much fatalistic "Oh dear, we can't possibly incentivize good corporate behavior because companies are oh-so-clever and there's just no way to handle all the edge cases they will exploit!"
We'll never get anywhere at all if we simply give up the moment someone forms a shell LLC.