Let’s say The Walt Disney Company somehow went bankrupt and closed down and all movies, plushies and toys stop being made.
What happens with the things that already exist? Will the ideas enter the public domain or will they be given to someone? Could they be used and distributed freely? If not, who will manage them?
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It gets sold off/liquidated, like physical assets (to take your example further, Disneylands, corporate headquarters, and other things like that).
When a company goes bankrupt, the property of the company will be sold, and whoever buys those products will then own them. That is also true for intellectual property.
Rights, like intellectual property rights, only really matter if there is someone to assert them. If no one purchases the rights, then they might as well be in the public domain, as no one will have any standing to file lawsuits or other actions against any infringers.
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