114Lapse
This section has no associated Explanatory Notes
(1)In the case of an operating licence issued to an individual, the licence shall lapse if—
(a)the licensee dies,
(b)the licensee becomes, in the opinion of the Commission as notified to the licensee, incapable of carrying on the licensed activities by reason of mental or physical incapacity,
(c)the licensee becomes bankrupt (within the meaning of section 381 of the Insolvency Act 1986 (c. 45)), or
(d)sequestration of the licensee’s estate is awarded under section 12(1) of the Bankruptcy (Scotland) Act 1985 (c. 66).
(2)In any other case an operating licence shall lapse if the licensee—
(a)ceases to exist, or
(b)goes into liquidation (within the meaning of section 247(2) of the Insolvency Act 1986).