Bulb are a pretty large company. I doubt the shirt sponsorship is a massive sum by their standard so it's possible it was paid up front for the season. If not, I'm sure the club will be watching carefully.
The government will probably be encouraging others to aid Bulb, remember Lloyds being "encouraged" to buy Halifax in the financial system collapse. The back up scheme simply isn't designed for entities the size of Bulb failing and it's already under pressure with a possible government bank of last resort, loans to companies taking on customers from bust firms etc being floated due to smaller companies failing.
Edited to say i newspaper reported yesterday that the Government is struggling to find anyone capable of taking on Bulb's 1.7m customers in one hit so is considering either temporary nationalisation, to buy them time to sort it out, or substantial loans, with the government taking a share in the company as happened with some banks in the financial crisis.
Edited again to say the BBC are this morning reporting the government has changed its mind and will not intervene to prevent one of the larger challenging firms going under.