This reads like a AB thread from the recent past.

If AZ enters insolvency, what happens to your miles will likely be beyond the control of AZ and will depend entirely, in the first instance, on the insolvency administrator working under court supervision and ultimately on whatever becomes of AZ.

As a customer, you can't influence this process and I would spend the miles sooner rather than later (as in today) and get yourself ticketed onto any other carrier. Once MM has paid for the other carrier's ticket, you may not be able to effectively make changes downstream, but at least you will have a ticket.

Maybe somebody will show up with a pot of gold and AZ and its program will be wonderful into the distant future.