Why do you think the laws and regulations are unclear?

This seems to be following the completely standard and expected process.

Contractor goes belly up, so you go to court and a judge who confirms they were a custodian of your data and you are entitled to retreive it.

Same would be the case if I was leasing equipment to someone and they had it at a storage lot. If the middle party dies or goes bankrupt, I get a court order to claim it from their other possessions.