It would be a mess should any of the cruise industry's largest players declare bankruptcy.

With a litany of subsidiaries, potential creditors and collateral — including private islands — insolvency proceedings would be extremely complex, according to Reorg Research distressed debt legal analyst Kevin Eckhardt.

"If these companies file, they could represent the most complex multi-jurisdictional insolvencies in the history of bankruptcy courts," Eckhardt said in a webinar about liquidity in the cruise industry and bankruptcy implications on Wednesday.