Your work and residence permits are tied directly to the company that offered you a job.  If the company closes doors, your "PERMITS" in theory will cease to be valid inmediately.  Since Chinese hates lack of respect for their laws and regulations, it will be wise for you to visit the local PSB and ask them there what you can do to correct the situation.

Since visas are by law issued by Embassies abroad only, unless you do have "the right guangxi" you must leave the country to get a new one.  But maybe if found another employment, PSB will help you change the paperwork.

It does takes some time for the proper authorities to "discover" that the company closed, but eventually it will be done, and then if you have not done a thing, there will be no desire to help you, but to collect fines and send you out if warrant.

Happy, your Resident Permit is not canceled upon termination or closing of a job. It only means you FEC is canceled. At this point all they would have to do is go to the FEC get a copy of the canceled FEC, original of termination of contract and have it transferred. You do not have to exit China to have it transferred as long as it is with in the same job line you were doing previously. The PSB does not cancel your resident permit immediately. Really Happy sometimes you have some really good imformative posts then some real BS about Chinese laws and regulations. your a business owner, not an employee, the laws that bind you are not the same as an employee. 

I had a friend a few years ago whose company shut down. They never informed the visa office about it, so she had her visa for six months after, so she worked for state media those six months. Tell your friend to talk to the company and ask if they can neglect to report it.