Indeed. If a company went bankrupt there may have been a bankruptcy auction in which someone else acquired some or all of the assets. If it's a public company (i.e., with stock) the shareholders might own it. If it's not the Board of Directors may have transferred the assets to someone else's name before shutting down (this may only be documented in the company's internal records.) Getting a lawyer involved to work on cases like this this is probably best.

I've recently learned that a company's assets in the U.K. can pass to the ownership of the Crown if they're not dealt with before the company shuts down. So the fate of the copyright very much depends on what happened to the company, where they were located at, and other factors. But regardless the copyright doesn't just disappear as you say - It needs research to find what happened & where the copyright went to. This can be very difficult to accomplish. This is one of the ways that orphan works are created: https://en.wikipedia.org/wiki/Orphan_works

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