Sold company transfer license new to company account

I have a product purchased using ThemeForest that is being used by a certain client of mine. I am revoking myself from their legal entity and will no longer be involved with the development project (removing myself completely) and another developer will be taking over. Can I transfer the purchased license to the new developers account so they can take over and get the updates as I will no longer require any access to it?

It is not possible to transfer an Envato license from one account to another.