About the only issue I could see was whether to try to recover a little by selling the equipment. I would think you should- It sounds like everyone is still getting along, and probably will continue to, if the debtor is working for the BTO. The bankrupt friend will think even less of himself if BTO doesn't think enough of the equipment to even try to realize something from it. Won't be too hard to get it all to a consignment auction, and just take what you get. Given the personal relationships here, at least try to leave the guy with his dignity.
As far as collecting anything from debtor, forget it. He'll surely have enough exemptions in bankruptcy to discharge the debt, and that, as they say, is that. If BTO has a perfected security interest in the machinery, he'll be able to sell it. Even if he doesn't, the court will probably abandon it to him if the debtor agrees.
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