I guess we'll see a row of companies declaring "software bankruptcy" or something in some/many months

I don't think you will, because that would require the business to recognise the problem. That might happen in companies where the leadership team are engineers but it will never happen if they're not.

Instead you'll see:

- Churn in the dev team with senior developers leaving rather than try to deal with the mess

- Large scale projects to refactor or rewrite entire codebases, which will inevitably fail because you can't rewrite a big ball of spaghetti because you can't tell what it actually does (especially if it's in a language that allows side effects, or you've used a strategy like 'exceptions as flow of control').

- Companies just getting slower and slower to deliver anything. That's probably fine in many cases where they're big enough to still carry on without growing much, but anyone in the company will see their career die and pay rises dry up.

- Eventually, maybe, you'll see 'tech debt fixing' service companies start up to leverage AI in the effort to fix these problems. (AWS have a thing called 'Amazon Modernization Lab' that is exactly that, but only for companies running old tech on their services.)