COMMENTARY ON SECTIONS General Section 27 – Death, incapacity,  insolvency etc of licence holder
74.This section provides that a premises licence will lapse if the holder dies, becomes mentally incapable or insolvent, in the case of a company is dissolved, or in the case of a club ceases to be a recognised club. Insolvency, is relevant to individuals or companies and is widely defined to include, among other things, voluntary arrangements, bankruptcy, administration and administrative receivership. Subsection (2) provides that the lapse of a licence is subject to the possibility of it being reinstated under section 47 or 50.