The other electrician went bankrupt?
Did he lose his license? if not, then he should be responsible for his work. If he signed a contract, he is responsible for completing it, if he can't then his bond should pay another electrician to do the work. If he died, and was the only license holder, his estate or insurance should pay.
I would be very wary of this situation, and would get a lawyer that knows contracting law involved prior to any commitment. Make sure your contract price covers your legal fees too. I am by no means an expert on this, but I would get a lawyer or just walk away.