"Going out of business" is a product of regulation that
  artificially separates the assets and liabilities of a
  corporation from its owners.

That regulation is the essential ingredient required to allow capitalism to function. It reduces the amount of risk that the natural persons involved in a company run. The company is the legal person carrying the full burden of risk, but it is also in the position to take on that risk, because it has the assets to do so. No individual person would ever have enough assets to take on the risk that a company like BP does. However, companies can also leverage more risk that they can chew and go out of business. However, the natural persons involved would have gone bankrupt long before that.

In short: the problem with straight up libertarianism is that it would destroy capitalism.