A family class visa cannot be issued, and you cannot land, unless a sponsorship undertaking is in force at that moment and the sponsor still qualifies (133, and 137 if they are in Quebec). It is not enough that the sponsorship was approved a year ago. If the sponsor's situation collapses before you land, the application collapses with it.
120 For the purposes of Part 5, (a)a permanent resident visa shall not be issued to a foreign national who makes an application as a member of the family class or to their accompanying family members unless a sponsorship undertaking in respect of the foreign national and those family members is in effect; and (b)a foreign national who makes an application as a member of the family class and their accompanying family members shall not become permanent residents unless a sponsorship undertaking in respect of the foreign national and those family members is in effect and the sponsor who gave that undertaking still meets the requirements of section 133 and, if applicable, section 137.