The only thing between your data and /dev/null in a cloud data center is a vacation and expired credit card.
For more serious data, I have to imagine that SLAs generally define data retention periods even after exiting the agreement, right? (I legitimately don't know)
Obviously it doesn't help if the company goes under, but it's not as simple as the parent commenters statement.
That said, over the years I've witnessed all manner of billing and payment fuckups. I'm not trying to say that cloud is bad -- but that billing snafu is a risk factor that you need to understand and account for.