Travel insurance policies that include cancellation cover should provide cover for cancellation as a result of a new injury or illness that occurs after the policy is purchased. This applies to yourself and your wife or a non-travelling close relative.

However, it is unusual to find a travel insurance policy that includes cover for the travel company or accomodation provider becoming bankrupt. If you purchased the holiday with a credit card you could have some protection from your credit card company.

If you search for a UK policy using the MSM comparision tool you may find a suitable policy.

Hope this helps.