When a PI doesn't renew, they are considered to have left MSI. Data that is left on MSI's storage systems after a PI has left will be either archived or deleted. The details for this procedure can be found on the Abandoned Data webpage: Data Lifecycle After a PI Leaves MSI.
Archived data may be retrievable. MSI strongly encourages all PIs to remove all data from MSI storage before they cease use of MSI systems. MSI staff are able to assist with this process if needed.