This is a difficult situation to deal with both personally and professionally. You should know that ERISA protects your 401K Assets. (https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa)
When your employer is winding down or files for bankruptcy you should contact your 401K plan administrator to request an explanation of the status of your plan or benefits.
GOOD QUESTIONS TO ASK THE PLAN ADMINISTRATOR:
Will the plan continue or will it be terminated? Your firm is the plan sponsor and will be dissolving eventually so the plan is likely to terminate and assets will need to be moved sooner or later.
Will vested and unvested amounts be treated differently?
Who will be acting as plan administrator of the 401K plan during and after the wind down/bankruptcy, and who will be the trustee in charge of the 401K plan?
If the 401K plan is to be terminated, how and when will vested/accrued benefits be paid?
If you have a loan outstanding from your 401K, when does it need to get paid back? If not paid back in time, what are the tax consequences?
SHOULD I JUST ROLL MY FUNDS OUT?
Yes you have ERISA protections, but decide if you want to ride through this process with your vested assets remaining in the 401K plan or if you want to roll assets out into your own Rollover IRA.
Please reach out if you need help discussing all of these issues and options. You can use the “Email Us” link in the top right or in the menu link at the top right.