Any person engaged in the mercantile or other business shall make an assignment for the benefit of creditors or when the person shall be adjudicated a voluntary or involuntary bankrupt or declared insolvent, any license theretofore issued authorizing the person to do business shall immediately be terminated and shall, upon the assignment for the benefit of creditors or upon the adjudication in bankruptcy, immediately become null and void.
(Prior Code, § 112.01)