The ONLY difference is in the semantics of what the court wants to do to the citizenry. ".. corporations can be placed under conservatorship, as a less extreme alternative to bankruptcy. Whereas a bankruptcy is often expected to terminate the rights of shareholders and managers, a conservator is expected merely to assume those rights, with the prospect that they will be relinquished." (HUH?)
As I said... a bunch of semanticistical gobbledeeegoook.