58. That the licensee shall stand ipso-facto determined without any right to compensation whatsoever to the licensee in any of the following events.
If the licensee (s) being an individual or if an firm, any partner in the licensed firm, shall die or at any time be adjudged insolvent or shall have a receiving order for administration of his estate made against him or shall take any proceeding for liquidation or compensation under any insolvency act for the time being in force or make any conveyance or assignment of his effect or enter into any arrangement or composition with creditors or suspend payment or shall introduce a new partner or shall change the constitution of partnership or if firm is dissolved under the partnership act.
OR
The licensee being a company shall pass a resolution or the court shall make an order for the liquidation of its affairs or a receiver or a manager on behalf of the debenture holders shall be appointed or circumstances shall have arisen which entitle the court or debenture holders. Shall be appointed or circumstance shall have arisen which entitled the court of debenture holders to appoint a receiver or manager, provided always that such determination shall not be prejudice any right of action or remedy which shall have there after accrue to have licensor.
