Updating theme from v8.

Have taken over a website using an old version of be theme 8.2.1, It seems to have some conflicts with something as its running VERY slow on newer versions of wordpress, How would you go about updating it? would it be compatible with a normal update to v20+  as I have no license info for this site I assume I'd have to purchase a new license for it? or is there a way to recover the info from site?

Ps. as far as I can see nothing has been done to the original template.

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