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21. Licences will automatically terminate:
(a)if and when an administrator, receiver, administrative receiver or other encumbrancer takes possession of, or is appointed over, the whole or any substantial part of the assets of a Licensee;
(b)if the Licensee enters into an arrangement or composition with or for the benefit of its creditors (including any voluntary arrangement under the Insolvency Act 1986)(1);
(c)if a petition is presented for the purpose of considering a resolution for the making of an administration order, the winding-up or dissolution of the Licensee.
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