Common use of Termination on Bankruptcy or Insolvency Clause in Contracts

Termination on Bankruptcy or Insolvency. The Council may terminate the Contract by notice in writing with immediate effect where:- a petition is presented for the Supplier's bankruptcy, or a bankruptcy order is made against the Supplier, or the Supplier makes any composition or arrangement with or for the benefit of creditors, or if the Supplier passes a resolution for winding up or dissolution (otherwise than for the purposes of and followed by an amalgamation or reconstruction) or an application is made for an administration order in relation to it, or any party gives or files notice of intention to appoint an administrator of it or such an administrator is appointed, or the court makes a winding-up order, or an administrative receiver, receiver, manager or supervisor is appointed by a creditor or by the court, or the Supplier is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986, or the Supplier applies to court for, or obtains, a moratorium under Part A1 of the Insolvency Act 1986, or any similar event occurs under the law of any other jurisdiction within the United Kingdom.