INVAO, as the manager of the IVO Bond, may only file for bankruptcy due to inability to meet payment obligations if all assets in the blockchain asset pool (BAP) depreciate in value to such an extent that they can no longer cover the costs of portfolio management or trading and there are no further sources of income or investments.
The case that the investment asset (e.g. a real estate) is valuable, but the investment manager goes bankrupt (e.g. because the fees do not cover the administration costs), which might happen in classical funds, cannot happen with IVO due to its bond structure.
However, in the event of bankruptcy, each investor would be entitled to a pro-rata share of the remaining net asset value of the BAP.