Nucleation of vortex rings accompanies the collapse of ultrasound bubbles in superfluids. Using the Gross-Pitaevskii equation for a uniform condensate we elucidate the various stages of the collapse of a stationary spherically symmetric bubble and establish conditions necessary for vortex nucleation. The minimum radius of the stationary bubble, whose collapse leads to vortex nucleation, was found to be 28+/-1 healing lengths. The time after which the nucleation becomes possible is determined as a function of the bubble's radius. We show that vortex nucleation takes place in moving bubbles of even smaller radius if the motion makes them sufficiently oblate.