Council of Elrond

If a company looses all of its characters during the m/h-phase may one still play hazards on that company if there is a hazard limit left?

I would say that a card that is played on an entity continuously targets the entity it is played on (the CRF only makes reference to cards played on cards, though). Therefore you cannot play any cards on a company if there is not a company. In any case where a given hazard targets the company, that target is an active condition of the play of the card.

However hazards that does not target the company may still be played.