Hello, even though I am a co-op specialist, this is definitely a legal matter. I suggest you call a great real estate attorney that also has specialization in co-ops and closes many co-op deals for me, her name is Anne Brown you can reach her by calling my office at 718-692-4444 or you can ask for me and I will have here contact you.
The fact is, if your friends building is going bankrupt then she needs to speak to a lawyer that has experience with co-ops so she can protect herself. Also, she needs to know how it will effect the value of her co-op and
whether it will make it hard for a bank to give a mortgage to a buyer that may want to purchase her unit.
I hope this has answered your question.
Licensed Real Estate Professtional
Weichert Realtors, H.P Greenfield
1712 Utica Avenue, Brooklyn NY