Bankruptcy, Liquidation. 6.13.1 EK Services will consider insolvency proceedings if there are sufficient assets to pay outstanding arrears and the amount of arrears exceeds that required by legislation. There will be significant costs associated with this method of recovery, which the customer will incur.
6.13.2 EK Services can only apply this method of recovery action for arrears exceeding £750.00.
6.13.3 For further information on this method of recovery, please refer to EK Services Insolvency and Charging Order Policy.
Bankruptcy, Liquidation. If either of the parties shall become voluntarily or involuntarily the subject of proceedings under any bankruptcy or insolvency law, or other law or procedure for the relief of financially distressed debtors, or is unable, or admits in writing its inability, to pay its debts as they mature, or takes or suffers any action for its liquidation or dissolution other than in the context of a merger of consolidation, or has a receiver or liquidator appointed for all or any part of its assets and, in the event any act of the aforesaid character is involuntary, the consequences thereof are not cured within 60 days, the party not affected by such circumstances may give to the affected party written notice of its decision immediately to terminate this Agreement. In the event that such notice is not given for any reason, the affected party shall remain fully responsible for its obligations set forth in this Agreement at the times required.
Bankruptcy, Liquidation. (A) The Borrower shall (1) commence any voluntary Insolvency Proceeding; (2) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any involuntary Insolvency Proceeding; (3) apply for, consent to or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator, assignee, sequestrator or the like of itself or of all or a substantial part of its assets (taken as a whole), domestic or foreign; (4) admit in writing its inability to pay its debts as such debts become due; (5) make an assignment for the benefit of its creditors generally; (6) take any corporate action for the purpose of effecting any of the foregoing; (7) be generally unable to pay its debts as such debts become due; or (8) otherwise become insolvent;
(B) An involuntary Insolvency Proceeding shall be commenced against the Borrower and shall continue undismissed for a period of sixty (60) or more days (or such shorter period of time as the Borrower has pursuant to Applicable Law to cause the dismissal of such case or proceeding or stay the effectiveness of such order, judgment or decree);
(1) The Borrower shall be terminated or dissolved (as a matter of Applicable Law or otherwise); or (2) proceedings shall be commenced by any Person seeking the termination or dissolution of the Borrower and (x) such proceeding shall continue undismissed, or (y) an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect in each case for a period of sixty (60) or more days (or such shorter period of time as the Borrower has pursuant to Applicable Law to cause the dismissal of such case or proceeding or stay the effectiveness of such order, judgment or decree); or
(D) There shall occur in relation to the Borrower under any Applicable Law in any country or territory in which the Borrower carries on business, or to the jurisdiction of whose courts any part of the Borrower’s property is subject, any other event that would have under the same conditions an effect analogous to any of those described in Section 12.03(a)(viii)(A), (B) or (C).
Bankruptcy, Liquidation. (i) There exists no action taken against any Group Company with a view to liquidating or instituting bankruptcy proceedings against it, or declaring it insolvent, or appointing a liquidation committee for its Assets or business.
(ii) No creditors’ meeting has been held or is expected to be held in any Group Company, and no Governmental Authority has rendered a decision or made a public statement declaring any Group Company bankrupt.
Bankruptcy, Liquidation. (i) There exists no actual or anticipated action taken against any of the Buyer Parties with a view to liquidating it, or declaring it bankrupt or insolvent, or appointing a liquidation committee for its assets or business.
(ii) None of the Buyer Parties will become insolvent or enter into liquidation or bankruptcy proceedings following completion of the Transaction.
Bankruptcy, Liquidation. If (a) United is judicially determined to be unable to confirm a Chapter 11 plan of reorganization under which it continues to operate as an airline and instead United commences the liquidation of all of its assets, (b) United's Chapter 11 case is converted to a case under Chapter 7 of the United States Bankruptcy Code, or (c) an event of default occurs pursuant to either the "'Debtor in Possession Credit Agreement, dated as of December 24, 2002, among United, the Credit Parties, the Lenders, Bank One, NA, as Agent and Banc One Capital Markets, Inc.,"' as amended, or the "'Revolving Credit, Term Loan and Guaranty Agreement, dated as of December 24, 2002, among United, UAL Corporation, their Subsidiaries, the Lenders, XX Xxxxxx, Xxxxx Bank, Citicorp USA, Inc., X.X. Xxxxxx Securities Inc., Xxxxxxx Xxxxx Xxxxxx Inc., Bank One, NA, Banc One Capital Markets, Inc., and The CIT Group/Business Credit, Inc., as amended, (COLLECTIVELY, the "'DIP Agreements"') and SUCH EVENT OF DEFAULT CAUSES AN ACCELERATION OF UNITED'S OBLIGATIONS UNDER EITHER OF THE DIP AGREEMENTS, and (i) If United discontinues all flight operations, then United may terminate the Agreement; or (ii) If United does not discontinue all flight operations, then Seller may request that United (or its successor in interest, including without limitation an examiner or trustee) provide adequate assurances of performance of the Agreement, and if such adequate assurances are not provided within 30 days of such request, then Seller may terminate the Agreement. In the event that this Agreement is terminated pursuant to this paragraph, then the Seller's claims under the Agreement shall be limited to (a) an administrative expense claim under Sections 503(b)(1) and 507(a)(1) of the Bankruptcy Code for amounts due under the Agreement for the period from the execution of the Agreement through the date of such termination and (b) a prepetition general unsecured non-priority claim for any other damages under the Agreement (including, without limitation, any damages pertaining to future services or lost profits). Each of the foregoing prepetition general unsecured non-priority claims shall be subject to objection by any party, including a Chapter 11 or Chapter 7 trustee, solely as to the amount thereof.
Bankruptcy, Liquidation. No involuntary proceeding exists or involuntary petition has been filed in a court of competent jurisdiction or with any other authority with jurisdiction seeking (i) relief in respect of the Company under any bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, conservator or similar official for the Company or for part of its property or assets, or (iii) the winding-up or liquidation of the Company. There is no unsatisfied judgment outstanding against the Company and none of its financial obligations is due but unpaid, except for trade payables in the ordinary course of business and financial commitments disclosed in the Disclosure Schedule.
Bankruptcy, Liquidation. No proceedings have been taken, are pending or have been authorized, and no receiver or trustee has been appointed for a Vendor by the Vendor or (to the knowledge of the Vendor) by any other person in respect to the bankruptcy, insolvency, liquidation, dissolution or winding up of a Vendor.
Bankruptcy, Liquidation. No proceedings have been taken, are pending or have been authorized, and no receiver or trustee has been appointed for Exchangeco by Exchangeco or (to the knowledge of Exchangeco) by any other person in respect to the bankruptcy, insolvency, liquidation, dissolution or winding up of Exchangeco.
Bankruptcy, Liquidation. No proceedings have been taken, are pending or have been authorized, and no receiver or trustee has been appointed for the Company by the Company or (to the knowledge of the Company) by any other person in respect to the bankruptcy, insolvency, liquidation, dissolution or winding up of the Company.
