Where the licensee is in administration, the administration moratorium prevents the exercise of security or proprietary rights over assets.
Under the CIG Act a new freestanding moratorium has been introduced which could also be used to give a licensee short-term breathing space. While the new moratorium is similar in scope to that which applies in administration, the administration moratorium is more powerful as there are a number of notable exceptions to the "payment holiday" provided under the standalone moratorium, including the requirement that financial debt must continue to be met. Under the new moratorium, the directors remain in control of the company, albeit overseen by an insolvency practitioner acting as the "monitor".
See discussion in Question 1 above in relation to the ability of a Licensor to rely on contractual rights of termination.
If the license contains express contractual provisions that automatically assign the licensed IPR to the licensee upon insolvency, then it is likely valid and enforceable. A provision of this kind would need to be considered carefully, and any purchase price would need to be set at an arm's length amount to avoid falling foul of the anti-deprivation principle. This provision would also need to contain an irrevocable power of attorney in favor of the licensee so that it can take all of the steps necessary to perfect the assignment back.