In the case of an operating licence issued to an individual, the licence shall lapse if—
the licensee dies,
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,
the licensee becomes bankrupt (within the meaning of section 381 of the Insolvency Act 1986 (c. 45)), or a debt relief order is made in respect of the licensee (under Part 7A of the Insolvency Act 1986), or
sequestration of the licensee's estate is awarded under section 22(1) of the Bankruptcy (Scotland) Act 2016 .
In any other case an operating licence shall lapse if the licensee—
ceases to exist, or
goes into liquidation (within the meaning of section 247(2) of the Insolvency Act 1986).