Insolvency of the Insured. In the event of the Insolvency of the Insured this Policy will terminate immediately. The Insurer will then have no liability under the Policy for any claims that have not already been submitted at the date of Insolvency. The Insurer will be entitled to retain all premiums and other monies paid and to receive and retain all premiums and other monies due and payable to the Insurer up to and including the effective date of such Insolvency but always not less than the Minimum Premium. For the purpose of this condition the definition of Insolvency will be the same as that applying to an Insured Buyer under this Policy.
Insolvency of the Insured. The Contractor shall be deemed to be insolvent for the purpose of this Policy when
i) any filing of a petition for bankruptcy by or against the Contractor before any Court / Tribunal OR
ii) the Contractor is declared bankrupt by the competent court of jurisdiction OR
iii) the Contractor has made a valid assignment, composition or other arrangement for the benefit of his creditors OR
iv) a Receiver / Administrator / Liquidator has been appointed by the Court to manage his estate OR v) an order by the competent Authority has been made for compulsory winding up OR vi) an effective resolution has been passed for voluntary winding up provided that this resolution is not merely for the purpose of reconstruction or amalgamation OR
vii) an arrangement binding on all creditors has been sanctioned by the appropriate Court OR
viii) such conditions exist as are, by any other system of law, substantially equivalent in effect to any of the foregoing conditions.
