The engine licensing service will probably continue, they are failing to pay specifically the people working on their games departments and not engine development.
The worst could happen is the engine receiving no more updates, nothing would change much beyond that for licensees.
The big problem however is the unpaid employees will do all they can to trashtalk and publish bad marketing about the engine, because the company sucks, although the tech itself is somewhat good.
This has happened before, CryTek isn’t the first to go through this situation; most of the time the engine keeps going on after the game studio sinks.