Common use of INSOLVENCY OF BUYER Clause in Contracts

INSOLVENCY OF BUYER. 14.1 This clause applies if: 14.1.1 the Buyer makes any voluntary arrangement with its creditors or becomes subject to administration or is in examination or (being an individual or firm) becomes bankrupt or (being a body corporate) goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); 14.1.2 any action is taken by any person to appoint a receiver, administrator, administrative receiver, examiner, trustee, or similar officer of the Buyer or any of the 14.1.3 property or assets of the Buyer or any such receiver, administrator, administrative receiver, examiner, trustee, or similar officer is appointed (or notice of intention to so appoint is given) over the Buyer; 14.1.4 the Buyer ceases, or threatens to cease, to carry on business; 14.1.5 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; or 14.1.6 anything analogous to any of the foregoing occurs in any applicable jurisdiction. 14.2 If clause 14.1 applies then the Seller shall, without prejudice to any other rights of the Seller, be entitled to terminate the Contract with immediate effect and/or suspend any further deliveries under the Contract without any liability to the Buyer, and if the Goods and/or Services have been delivered and/or performed but not paid for the price shall become immediately due and payable not withstanding any previous agreement or arrangement to the contrary. 14.3 In the event that the Seller exercises any rights it may have to stop the Goods in transit because of the Buyer's financial condition, the Seller may, at its option, resell such goods at public or private sale without notice to the Buyer and without affecting the Seller's rights to hold the Buyer liable for any loss or damage caused by breach of contract by the Buyer.

INSOLVENCY OF BUYER. 14.1 10.1 This clause applies if: 14.1.1 (a) the Buyer makes any voluntary arrangement with its creditors or becomes subject to administration or is in examination or (being an individual or firm) becomes bankrupt or (being a body corporate) goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); 14.1.2 (b) any action is taken by any person to appoint a receiver, administrator, administrative receiver, examiner, trustee, or similar officer of the Buyer or any of the 14.1.3 the property or assets of the Buyer or any such receiver, administrator, administrative receiver, examiner, trustee, or similar officer is appointed (or notice of intention to so appoint is given) over the Buyer; 14.1.4 (c) the Buyer ceases, or threatens to cease, to carry on business; 14.1.5 (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; or 14.1.6 (e) anything analogous to any of the foregoing occurs in any applicable jurisdiction. 14.2 10.2 If clause 14.1 10.1 applies then the Seller shall, without prejudice to any other rights of the Seller, be entitled to terminate the Contract with immediate effect and/or suspend any further deliveries under the Contract without any liability to the Buyer, and if the Goods and/or Services have been delivered and/or performed but not paid for the price shall become immediately due and payable not withstanding any previous agreement or arrangement to the contrary. 14.3 10.3 In the event that the Seller exercises any rights it may have to stop the Goods in transit because of the Buyer's financial condition, the Seller may, at its option, resell such goods at public or private sale without notice to the Buyer and without affecting the Seller's rights to hold the Buyer liable for any loss or damage caused by breach of contract by the Buyer.

INSOLVENCY OF BUYER. 14.1 11.1. This clause applies if: 14.1.1 A. the Buyer makes any voluntary arrangement with its creditors or becomes subject to administration or is in examination or (being an individual or firm) becomes bankrupt or (being a body corporate) goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); 14.1.2 B. any action is taken by any person to appoint a receiver, administrator, administrative receiver, examiner, trustee, or similar officer of the Buyer or any of the 14.1.3 the property or assets of the Buyer or any such receiver, administrator, administrative receiver, examiner, trustee, or similar officer is appointed (or notice of intention to so appoint is given) over the Buyerappointed; 14.1.4 C. the Buyer ceases, or threatens to cease, to carry on business; 14.1.5 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; or 14.1.6 E. anything analogous to any of the foregoing occurs in any applicable jurisdiction. 14.2 11.2. If clause 14.1 11.1 applies then the Seller shall, without prejudice to any other rights of the Seller, be entitled to terminate the Contract with immediate effect and/or suspend any further deliveries under the Contract without any liability to the Buyer, and if the Goods and/or Services have been delivered and/or performed but not paid for the price shall become immediately due and payable not withstanding any previous agreement or arrangement to the contrary. 14.3 11.3. In the event that the Seller exercises any rights it may have to stop the Goods in transit because of the Buyer's financial condition, the Seller may, at its option, resell such goods at public or private sale without notice to the Buyer and without affecting the Seller's rights to hold the Buyer liable for any loss or damage caused by breach of contract by the Buyer.

INSOLVENCY OF BUYER. 14.1 14.1. This clause applies if: 14.1.1 14.1.1. the Buyer makes any voluntary arrangement with its creditors or becomes subject to administration or is in examination or (being an individual or firm) becomes bankrupt or (being a body corporate) goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); 14.1.2 14.1.2. any action is taken by any person to appoint a receiver, administrator, administrative receiver, examiner, trustee, or similar officer of the Buyer or any of the 14.1.3 the property or assets of the Buyer or any such receiver, administrator, administrative receiver, examiner, trustee, or similar officer is appointed (or notice of intention to so appoint is given) over the Buyer; 14.1.4 14.1.3. the Buyer ceases, or threatens to cease, to carry on business; 14.1.5 14.1.4. 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; or 14.1.6 14.1.5. anything analogous to any of the foregoing occurs in any applicable jurisdiction. 14.2 14.2. If clause 14.1 applies then the Seller shall, without prejudice to any other rights of the Seller, be entitled to terminate the Contract with immediate effect and/or suspend any further deliveries under the Contract without any liability to the Buyer, and if the Goods and/or Services have been delivered and/or performed but not paid for the price shall become immediately due and payable not withstanding any previous agreement or arrangement to the contrary. 14.3 14.3. In the event that the Seller exercises any rights it may have to stop the Goods in transit because of the Buyer's financial condition, the Seller may, at its option, resell such goods at public or private sale without notice to the Buyer and without affecting the Seller's rights to hold the Buyer liable for any loss or damage caused by breach of contract by the Buyer.