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Domain Registrar Failure

Registrars

My brother, Michael, asks a very good question, which I do not know the answer to.

What happens to our domain assets in the event that our registrar goes out of business?

Because of the fact that our Whois info is posted everywhere, I think we may have the ability to claim the domain somewhere else, but I do not know what the process would be and what sort of risk is involved here.  We have kept our domains at fairly large registrars in hopes of security, but what would happen if GoDaddy went under?  Chaos for sure.

Please comment if you have any answers on this issue.

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