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And who is going to pay for that? If they could afford to refund all their customers they wouldn’t be going bust.
The law would probably make sure customers whose products are being bricked are counted as creditors. Ideally after employees (unpaid wages) and before investors. They may not get full refunds, but they’ll be entitled to something if it’s possible.
Liquidatoon doesn’t mean they have no money. And they still have some assets.
Also that’s why we should apply mandatory copy laws to software too.