That would be an unusual situation, but it does occur. There've been a few cases in which management just hasn't felt like paying state fees, but is still keeping an eye on the company. But once someone else files a custodianship petition, a CEO in that position will have to turn up in court to protest it if he wants to hang onto his company. And of course he'll have to pay those fees.
Usually, though, management has walked away and isn't looking back.
Oh yes, the new custodian has to deal with any liabilities or other problems the company may have. He's also supposed to act in the best interests of shareholders. Needless to say, he'll consider that "work", and will award himself stock or, in some cases, convertible debt. Then when he finds a new owner, he'll usually sell the stock or debt to him.
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