Transfer and assignment of licences and permits

A licence or permit shall not be capable of being transferred or assigned, provided that in the event of the death, incapacity, bankruptcy, sequestration or liquidation of the holder of a licence or permit, or of the appointment of a receiver or manager or trustee in relation to the business of the holder of a licence or permit, the person for the time being carrying on that business shall, if within fourteen days of his commencing so to do he makes application to the Licensing Authority or the Chief Civil Aviation Officer (as the case may be) for a new licence or permit, be entitled to provide the air services authorised by the existing licence or permit subject to the conditions thereof, until the application is determined.