That means that if I have a ledger, I don’t have to use the ledger live and can choose whichever software I want. The difference is that ledger is close and cold is open source?

How does that affect a simple user that has little to do with coding or the ability to examine or verify the code?

What happens if ledger goes bankrupt and closes all its services, would I still be able to access my funds? And what about Cold?

Thank you, much appreciated