The domain-name is for sale, anyone interested to take over can buy it for €1,350.
Assuming nobody's willing to put down around 80k peso to take over a forum that doesn't generate any income, it's gone forever.

Obviously though, anyone interested in setting up a new forum can do so without buying the domain. There are plenty options for free hosted forums, and registering your own domain name isn't all that expensive either.
Getting the word out to former members of LINC would probably be the biggest hurdle.