Common use of FINANCIAL HEALTH Clause in Contracts

FINANCIAL HEALTH. 11.1 The Employer will immediately notify the Department in writing if: 11.1.1 the Employer commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors other than for the sole purpose of a scheme for a solvent amalgamation of the Employer with one or more other companies or the solvent reconstruction of the Employer; 11.1.2 a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Employer other than for the sole purpose of a scheme for a solvent amalgamation of the Employer with one or more other companies or the solvent reconstruction of the Employer; 11.1.3 the Employer suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or 11.1.4 there is a change of control of the Employer (within the meaning of section 1124 of the Corporation Tax Act 2010). 11.2 The Department reserves the right, at any reasonable time, and as it may deem necessary to require the Employer, at its own cost, to: 11.2.1 provide evidence of financial resources and the level of turnover sufficient to enable it to continue to deliver the Services; and 11.2.2 provide a copy of the Employer’s latest audited Accounts.