All the Council would be concerned with is payment of the rent.
Providing the tenant does not fall into arrears the Council would not evict them.
If however there are arrears (that might become part of the bankruptcy) then that is a different matter.
If there are no rent arrears there is no problem at all. If there are rent arrears and the tenant is paying them off over a period (in addition to paying the normal rent) under a written agreement with the Council or under a Court order, the normal procedure is that the Official Receiver accepts the situation and allows the arrears payments to continue so eviction would not occur.
No risk to you. The council only want to know you can pay the rent. Bankruptcy won't affect the house at all. Check out insolvency.gov.uk for information.