As the law states, a person on any student visa route who got stuck in such an unpleasant situation has 60 days (or the time before their visa expires, whichever is earlier) to find another sponsor, switch to another visa category or leave the UK. If a student is to blame for the withdrawal of the licence, they must immediately leave the UK.
If students of a closed educational institution have found another education provider, they can keep their visa under 2 conditions:
The new educator has a sponsorship licence;
The new educator applies for a sponsorship licence within 28 days.