Refers to a company that has legally declared bankruptcy or is insolvent.
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.
Standard kanji compound for a company that has gone bankrupt.
Compound of 破産 (bankruptcy) and 会社 (company).