I will refer to how things are done today.
First, I am not sure that you would be protected through your credit card. I recall when Jetsgo went bankrupt, that we met with credit card company representatives. Some paid, others did not. So there is no certainty on that front.
I also clearly recall Air Canada receiving bankruptcy protection. When we met with credit card company representatives, they clearly stated that they would not be able to offer any reimbursements in the case of that type of bankruptcy.
So it is very arbitrary. The contract in no way stipulates that they must pay. Nowhere is it indicated in a contract that banks must reimburse their client. It is very random. People are protected if these institutions feel like protecting them.
When Jetsgo went bankrupt, for instance, when clients had paid by credit card, it was the credit card companies which paid first.