Even when a deposit is in escrow, in order for the buyer to get it back, the seller does have to give escrow permission to release the deposit. If the selling entity is in bankruptcy for instance and some entity is empowered (such as receivership) then that other entity would be empowered to continue with the escrow or give escrow permission to release the deposit. In most events the receiver would see to it that conversion of assets to cash is best and would most likely proceed with the escrow. (Note that that is a very speculative statement by me)
