Going through something similar now, all my bills and direct debits bounced today because I wasn't paid and my reminder message was ignored. I guess it's always a risk. I have no legal recourse because I didn't have a contract (was told it was going to be sent over to me, but never was, which seems intentional now come to think of it...).

If you have a contract, you might have some legal recourse you could pursue if it does turn out they're out of runway. But, if they're not making any effort to explain the situation to you, i.e., keeping you in the dark, then just get out of there. This is your livelihood at the end of the day, how you pay your bills. Don't accept it. Do what you can legally (depending on your contract) to recover what you can and move on asap.