Investors, who may be subject to margin calls or reduced equity in their share portfolio, usually have some asset base or significant equity in their homes, or because they have an income from their usual employment that is not linked to their investments, have the opportunity to negotiate alternatives to bankruptcy.

Part X of the Bankruptcy Act provides the mechanism making such proposals legally binding on all creditors.

Almost anything can be proposed.  Whether it is accepted by the creditors is a commercial decision for everyone. 

The best answer will almost always be to stay in control and have a large influence over the outcome.

The smaller firms that specialise in insolvency work will usually give initial advice for free