No. There is a reason we have bankruptcy laws. The alternative you suggest leads to debtors prisons, etc. It is a fact of capitalism that failures occur. It is a fact of capitalism that capitalists take risks. A "no default ever" rule doesn't make sense. Say you ran a business and had it failed. You owe $10 million to the bank and have nothing. How are you going to pay that back? Does the bank now own you? Do you owe them 100% of everything you make? Not possible, you still have to eat and sleep to have a job.
1st there is no reason to ever get to the point of 10 million in debt.
When my 57 year old business was failing because of illegal aliens invading the industry I put over $250k of my personal savings into it before closing the corporation so that it owed no one a cent when I closed it.
Bring back debtor prisons!!!!