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Model clauses for Events of Default in relation to the insolvency / winding up / bankruptcy of the counterparty. This is drafted in strict terms and maybe triggered early.
Any of the following occurs in respect of any member of the Group:
(a) it is, or is deemed for the purposes of any law to be, unable to pay its debts as they fall due or insolvent;
(b) it admits its inability to pay its debts as they fall due;
(c) the value of its assets is less than its liabilities (taking into account contingent and prospective liabilities)
(d) it suspends making payments on any of its debts or announces an intention to do so;
(e) by reason of actual or anticipated financial difficulties, it commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; or
(f) a moratorium is declared in respect of any of its indebtedness.
If a moratorium occurs in respect of any member of the Group, the ending of the moratorium of itself will not remedy any event of default caused by the moratorium.
This document should be carefully read by the public.
Model clauses for Events of Default in relation to the insolvency / winding up / bankruptcy of the counterparty.
This is drafted in strict terms and maybe triggered early.