What happens if everyone's eliminated?

[BBHood217]

Races get eliminated all the time throughout the game, but I always manage to win with at least one left. So that had me wondering. What would happen if every single race in a given sector was eliminated? Do you instantly lose? Do you lose after 10 minutes as usual? Or does nothing happen and you just wander around the empty sector forever until you abandon it?

[Shadow]

I believe you would end up with a loss and get the 10 minute timer.