It shall be a defense for a motorcycle or all-terrain vehicle franchisor, to any action brought pursuant to sections 407.1025 to 407.1049 by a motorcycle or all-terrain vehicle franchisee, if it is shown that such motorcycle or all-terrain vehicle franchisee has failed to substantially comply with reasonable and lawful requirements imposed by the franchise and other agreements ancillary or collateral thereto, or if the motorcycle or all-terrain vehicle franchisee, or any of its officers, have been convicted of a felony relevant to business honesty or business practices, or if the motorcycle or all-terrain vehicle franchisee has ceased conducting its business or has abandoned the franchise, or is insolvent as that term is defined in subdivision (23) of section 400.1-201, or has filed a voluntary petition in bankruptcy, or has made an assignment for benefit of creditors, or has been the subject of an involuntary proceeding under the Federal Bankruptcy Act or under any state insolvency law which is not vacated within twenty days from the institution thereof, or there has been an appointment of a receiver or other officer having similar powers for the motorcycle or all-terrain vehicle franchisee or the motorcycle or all-terrain vehicle franchisee’s business who is not removed within twenty days from the person‘s appointment, or there has been a levy under attachment, execution or similar process which is not within ten days vacated or removed by payment or bonding, and it shall be a defense to any action brought pursuant to sections 407.1025 to 407.1049 that the complained of conduct by a motorcycle or all-terrain vehicle franchisor was undertaken in good faith in pursuit of rights or remedies accorded to a motorcycle or all-terrain vehicle franchisor as a seller of goods or a holder of a security interest pursuant to the provisions of chapter 400.