noun
Refers to a company that has legally declared bankruptcy or is insolvent.
あの破産会社の元社員は、今は別の会社で働いている。
The former employee of that bankrupt company now works at another firm.
倒産 is the act of going bankrupt or the state of bankruptcy itself, while 破産会社 specifically refers to the company that has gone bankrupt.
Compound of 破産 (bankruptcy) and 会社 (company).