A struggling but viable firm is worth more running than sold for parts, yet uncoordinated creditors would dismantle it. Which problem is insolvency law solving?

C. A collective action problem: the race destroys going-concern value

Individually rational grabbing is collectively ruinous, so the stay replaces a race with a queue and preserves the value everyone is claiming against. It is the same structure as a bank run, nobody is behaving badly, and the outcome is a disaster anyway.