Jump from nowhere to #1 AFTER content is all removed

[bordeaux]

Currently in the Google SERPs for one of my keywords the top position is taken by a site with zero content, except for a 6-word title. This site recently went bankrupt and the content that was previously online was all removed. Before the content was fully removed this site did not rank anywhere near the top for this keyword.
The site has between 13 - 25 inbound links; all but one with PR 0.
It can't just be on Keyword Density, can it? Any ideas?

[pageoneresults]

Just gone bankrupt? So in the news and getting a lot of new IBLs?

That is what I'd be looking at. You may not see those links from news resources just yet (when doing backlinks checks in Google) but they are there and they are part of the equation.