Council of Elrond

Let's assume: A company of 2 characters, hazard limit is 2. Both characters are eliminated after a creature attack from the first hazard. A hazard limit of 1 remains. Can the opponent still play a 2nd hazard OR can no more hazards be played as there is no more company ?

Yes.

Thanks for your reply, but "yes" as an answer to a question type "A or B?" does not answer my question

My apologies.
Yes. He can still play hazards and all players can still declare actions, as long they are otherwise legal.

Thank you!