I wouldn't say that...
I would like to think that everyone involved with the company didn't plan for things to turn out this way.
It's unethical to plan on stiffing someone. Stiffing out of neccesity is unfortunate, but not unethical. If you don't have it to pay back... you just don't have it. If you thought you would have it, but things didn't turn out quite right, a judement error was made, not inherently unethical.
We have courts and aribtration to settle contract disputes and from the information posted today, it looks like the courts will be busy.
There is still time to square up which I think the company will do shortly. If, in fact, they do owe.