I received a question/scenario that I haven’t previously encountered

client set-up a ROBS 401(k)
client eventually liquidates 401(k) assets -by rolling “cash” to an IRA. The IRA assets are invested in a handful of mutual funds
Unsure if plan was officially terminated
Company remains in business (struggling financially)

Question(s)
Who owns the company/shares – now that the 401(k) has been liquidated
Are there any tax consequences?

What else do I need to be aware of?

Thx