I think the example was for Corvera Golf. As far as I know, if you have a valid Bank Guarantee for the monies you’ve paid, the licence situation is irrelevant. Maybe one of the forum lawyers can confirm?
One of the things to watch with Bank Guarantees is their validity date. Once that has passed it is useless. A good lawyer will always request a new one to follow on, so there is no period when your money is unprotected.