This is going to end disastrously. For Derek Gee he has nowhere to go, it doesn't exist. If a court judgment or sports arbitration was to order him to honor his contractual obligations the contract can't be enforced because the entity he signed with no longer exists. The UCI should have immediately issued an opinion that a professional rider holding a license should be able to pursue employment with teams that do exist, teams who are viable, teams who are registered with the UCI as being open for business.
1. The entity does exist, I have no idea why people on here keep saying it doesnt. CyclingAcademy (aka the team) just got sold to a different owner (or at least some shares of it). A different owner doesn't mean the entity changes.
2. A court can't force Gee to ride for a team (just like no one can force anyone to work for a company), he broke his contract, you can't just "un-break" it yk (ofc you could sign a new one). They can however rule that he has to pay damages to the team if a judge finds his contract termination is unlawful. The team or Gee will probably go to CAS (or some civil court) do determine this if they want to.
3. While the UCI's rules say they can, they probably will not prevent Gee from signing to another team as that is against the freedom of economic activities and some other laws that have a place in EU and Swiss law. People don't seem to remember but there is a precedent in cycling itself, the Van Aert v. Sniper Cycling case. And the UCI let Van Aert sign for Visma even tho there was a case against him for unlawfully breaking his contract. A case he lost like 7 years later btw, and Van Aert or Visma never got any punishment from the UCI.