What's the difference? He was the decision-maker who decided to stiff a lot of creditors. Many individual and business creditors, large and small, lost money to create his businesses' unearned gains from escaping debts. The large company creditors had to charge their customers more to make up the losses.
Can you explain the difference, from the viewpoint of someone losing the money that he (oops, his business) owes you, and you won't ever be paid? (You also lose your attorney fees, trying to defend your account receivable.)