Common use of INSOLVENCY OF CLIENT Clause in Contracts

INSOLVENCY OF CLIENT. 10.1. Without prejudice to any other right or remedy available to the Contractor, the Contractor shall be entitled to immediately suspend its obligations under the Contract and / or cancel the Contract (save for the execution of these terms) without any liability to the Client (and if the Goods have been delivered and/or Services have been performed, but not paid for, the price shall become immediately due and payable notwithstanding any previous agreement or arrangement to the contrary) in the event that: 10.1.1 The Client makes any voluntary arrangement with its creditors or becomes subject to an administration order or (being and individual or firm) has a petition for bankruptcy presented or (being a company) goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); 10.1.2 A petition is presented for an administration order or winding up order to be made in relation to the Client pursuant to the Insolvency Act 1986; 10.1.3 An encumbrancer takes possession or a receiver is appointed of any of the property or assets of the Client; 10.1.4 The Client ceases or threatens to cease to carry on business; or 10.1.5 The Contractor reasonably apprehends that any of the events mentioned above are about to occur in relation to the Client. 10.2. In the event of cancellation or suspension of the Contract in accordance with clause 10.1, clauses 5.5.1, 5.5.2 and 5.5.3 shall apply.