What happens when a wallet company shuts down?

I have question regarding wallets such as Atomic wallet, Exodus, Metamask etc. Lets assume you are keeping crypto in one of the wallets, let’s say Atomic wallet as an example. Let’s assume you have Ethereum in your Atomic wallet. But something happens to the Atomic wallet company and they are forced to be shutdown.

Do you lose all the Ethereum that was in that wallet? Or can you still use the recovery key and open your wallet using another company’s wallet such as Exodus for example?

Please let me know, this has been bugging me and haven’t been able to find an answer to this anywhere. Thanks in advance!