The idiom "go bust" (informal) means to spend or lose all of one's money; to go broke. If a company goes bust, it goes bankrupt. Linguee gives faire faillite as translation but it sounds to me a little formal. Can "couler la baraque convey the meaning of the English idiom? E.g.
He lost his job when the company went bust.
Il a perdu son boulot lorsque l'entreprise a coulé la baraque.