Licenses issued pursuant to this chapter are not transferable in any manner whatsoever. Licenses issued pursuant to this chapter shall not descend by the laws of testate or intestate devolution, but shall cease upon the death of the licensee; provided, that executors or administrators of the estate of any deceased licensee, and the trustee of any insolvent or bankrupt licensee, when such estate consists in part of alcoholic liquor, may continue the business of the sale of alcoholic liquor under order of the appropriate court, and may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of such decedent or such insolvency or bankruptcy until the expiration of such license but not longer than six (6) months after the death, bankruptcy or insolvency of such licensee, unless said executors, administrators or trustees file a new application with the local liquor control commissioner. A copy of the court order must be provided to the local liquor control commissioner. (2013 Code § 3-1-5)