Common use of INSOLVENCY OF BUYER Clause in Contracts

INSOLVENCY OF BUYER. 9.1 This clause 9 applies if: 9.1.1 the Buyer makes a voluntary arrangement with its creditors or (being an individual or firm) becomes bankrupt or (being a company) becomes subject to an administration order or goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); or 9.1.2 an encumbrancer takes possession, or a receiver is appointed, of any of the property or assets of the Buyer; or 9.1.3 the Buyer ceases, or threatens to cease, to carry on business; or 9.1.4 the Seller reasonably apprehends that any of the events mentioned above is about to occur in relation to the Buyer and notifies the Buyer accordingly. 9.2 If this clause applies then, without limiting any other right or remedy available to the Seller, the Seller may cancel the Contract or suspend any further deliveries under the Contract without any liability to the Buyer, and if the Goods have been delivered but not paid for the price shall become immediately due and payable notwithstanding any previous agreement or arrangement to the contrary.

INSOLVENCY OF BUYER. 9.1 (i) This clause 9 applies if: 9.1.1 (a) the Buyer makes a voluntary any involuntary arrangement with its creditors or (being an individual or firm) becomes bankrupt or (being a company) becomes subject to an administration order or goes into liquidation (otherwise than for the purposes purpose of amalgamation or reconstruction); or 9.1.2 (b) an encumbrancer encumbrance takes possession, possession of or a receiver is appointed, of appointed over any of the property or assets of the Buyer; or 9.1.3 (c) the Buyer ceases, ceases or threatens to cease, cease to carry on business; or 9.1.4 (d) the Seller reasonably apprehends that any of the events mentioned above is about to occur in relation to the Buyer and notifies the Buyer accordingly. 9.2 (ii) If this clause applies then, without limiting prejudice to any other right or remedy available to the Seller, the Seller may shall be entitled to cancel the Contract Agreement or suspend any further deliveries under the Contract Agreement without any liability to the Buyer, Buyer and if the Goods goods have been delivered but not paid for for, the price shall become immediately due and payable notwithstanding any previous agreement or arrangement to the contrary.

INSOLVENCY OF BUYER. 9.1 This clause 9 applies if: 9.1.1 : (a) the Buyer makes a any voluntary arrangement with its creditors or becomes subject to an administration order or (being an individual or firm) becomes bankrupt or (being a company) becomes subject to an administration order or goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); or 9.1.2 or (b) an encumbrancer takes possession, or a receiver is appointed, of any of the property or assets of the Buyer; or 9.1.3 or (c) the Buyer ceases, or threatens to cease, to carry on business; or 9.1.4 or (d) the Seller reasonably apprehends that any of the events mentioned above is about to occur in relation to the Buyer and notifies the Buyer accordingly. 9.2 . If this clause applies applies, then, without limiting prejudice to any other right or remedy available to the Seller, the Seller may shall be entitled to cancel the Individual Contract or suspend any further deliveries under the Individual Contract without any liability to the Buyer, and if the Goods Products have been delivered delivered, but not paid for for, the sum of the price shall become immediately due and payable notwithstanding any previous agreement or arrangement to the contrary.