Several times a year, there are incidents such as this. Why the company fails is irrelevant to the traveler. But, there is one steadfast rule. Never, ever, never pay for any good or service to be provided in the future, other than with a CC (not a debit card, gift card or anything but a CC).
In many countries, the US is one of them, there are specific bankruptcy protections which go beyond the standard CC dispute process. In the US, if the good or service is not delivered due to bankruptcy, the cardholder is entitled to a full and immediate refund from the CC issuer.
The alternative is grim. Travelers are almost certainly unsecured creditors. This goes for those holding gift certificates, credit balances, loyalty points or whatever. The chances of ever seeing anything are slim to nil and, in any event, will take years to get to the end.
Needless to say, the other side of the coin, e.g., can I still get the same deal? is a different issue. But, as people here are finding, this is a great way to build new customer loyalty. If a resort was willing to sell a package for $X to ABC company, who sold it to a traveler, why not sell it direct to the traveler and make the consumer happy and not have to eat the markup which would have been earned by ABC.