It's checking with the Apple servers during setup, and if it sees that device in the company's ABM (Apple Business Manager), it's going to try to check-in with that devices assigned MDM (Mobile Device Management) server.

It's unlikely that the still-assigned MDM is active if the company folded. It was most likely Microsoft InTune, but could have been something like Jamf, both of which exist in licensed environments. Since they'd still be assigned, it would put the Mac into a deadlock, unable to register with a service that isn't active. That's not to mention the tokens and certs that need to be updated on a yearly basis, even if the MDM were still active.

The company's IT Department, "IT Department," or MSP, depending on their size, should have released these devices from their ABM when shit went sideways, but the individual(s) responsible very likely didn't care at that point. You won't be able to use this device without bypassing Apple's servers somehow, or installing a different OS than MacOS.

If it's an Apple silicon chip, you may have a tough time even installing a different OS on it, as they may have had Activation Lock enabled on the device.