The OP seems not clear about the different entities. On the one hand he sees BA, Iberia and Avios as different entities, on the other hand he suggests that they would go bankrupt together (I agree with daftboy that is not necessary), yet BA might have influence over Iberia and might affect his account there. IAG also owns 100% of Avios Group Ltd (AGL) - so if BA were to act through IAG you could have the situation where none of your avios are "safe" from being confiscated - after all they are all owned by AGL