15(1)A permit held by an individual shall lapse if—
(a)he dies,
(b)he becomes, in the opinion of the licensing authority as notified to him, incapable of carrying on the activities authorised by the permit by reason of mental or physical incapacity,
(c)he becomes bankrupt (within the meaning of section 381 of the Insolvency Act 1986 (c. 45)), or
(d)sequestration of his estate is awarded under section 12(1) of the Bankruptcy (Scotland) Act 1985 (c. 66).
(2)In any other case a permit shall lapse if the holder—
(a)ceases to exist, or
(b)goes into liquidation (within the meaning of section 247(2) of the Insolvency Act 1986).
(3)During the period of six months beginning with the date on which a permit lapses under this paragraph the following may rely on it as if it had effect and were issued to them—
(a)the personal representatives of the holder (in the case of an individual holder who dies),
(b)the trustee of the bankrupt’s estate (in the case of an individual holder who becomes bankrupt), and
(c)the liquidator of the company (in the case of a company holder that goes into liquidation).