if a company closed while a person was an employee, it has no bearing on the application.
even if the applicant applied for bankruptcy protection, it still probably will not have any negative affect on the application. Also, i don't think it's even required for the applicant to disclose this info in the applicaiton, as they don't really ask too many questions about the applicant's financial standing. CIC only cares about if the SPONSOR has filed for bankruptcy, not the applicant (from what I understand). This is because CIC needs to be convinced the SPONSOR will be able to financially support the applicant for 3 years, and there will be very little reason for either one to apply for welfare in canada.