Insolvency Trigger for Events of Default Clauses

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Description:

Model clauses for Events of Default in relation to the insolvency / winding up / bankruptcy of the counterparty. This is drafted in loose terms and maybe triggered late.

a) Except as provided in paragraph (b) below, any of the following occurs in relation to any Obligor:

(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration (whether out of court or otherwise) or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group;

(ii) a composition, assignment or arrangement with any creditor of any member of the Group;

(iii) the appointment of a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer (in each case, whether out of court or otherwise) in respect of any member of the Group or any of its assets;

(iv) the enforcement of any Security over any assets of any member of the Group;

(v) a resolution of the relevant Obligor or its directors being passed to petition or apply for the relevant Obligor's winding-up or administration (whether out of court or otherwise);

(vi) its directors giving written notice of their intention to appoint a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator (whether out of court or otherwise) of similar officer; or

(vii) or any analogous procedure or step is taken in any jurisdiction.

Document Type:

Checklist / guideline / manual / policy / procedures

Category:

Business > Corporate > Insolvency, Liquidation and Winding Up

 
Keywords:

events of default

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trigger

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insolvency trigger

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bankruptcy

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winding up

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pay debts

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