50. No bankrupt person or person who is or has been, within the three months preceding the bankruptcy, a director or the company concerned or a partner of the partnership concerned, may be granted a licence within three years from the date of the bankruptcy. However, in the cases where the law provides for the discharge of the debtor, the period of prohibition is terminated when the discharge is effectively obtained and the conditions fixed by the competent court have been met.
The same rules apply to a partnership or corporation in the case of the bankruptcy of the person who qualifies it to hold a licence.