Common use of Termination on Insolvency and Change of Control Clause in Contracts

Termination on Insolvency and Change of Control. 66.1. The Purchaser may terminate the Contract with immediate effect by notice where in respect of the Supplier: 66.1.1. a proposal is made for a voluntary arrangement within Part I of the Insolvency Act 1986 or of any other composition scheme or arrangement with, or assignation for the benefit of, its creditors; 66.1.2. a shareholders’ meeting is convened for the purpose of considering a resolution that it be wound up or a resolution for its winding-up is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); 66.1.3. a petition is presented for its winding up (which is not dismissed within 14 days of its service) or an application is made for the appointment of a provisional liquidator or a creditors’ meeting is convened pursuant to section 98 of the Insolvency Act 1986; 66.1.4. a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets; 66.1.5. an application order is made either for the appointment of an administrator or for an administration order, an administrator is appointed, or notice of intention to appoint an administrator is given; 66.1.6. it is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; 66.1.7. being a “small company” within the meaning of section 382 of the Companies Act 2006, a moratorium comes into force pursuant to schedule A1 to the Insolvency Act 1986; 66.1.8. a debt relief order is entered into; or 66.1.9. any event similar to those listed above occurs under the law of any other jurisdiction. 66.2. The Purchaser may terminate the Contract by notice with immediate effect within 6 months of: 66.2.1. being notified that a change of Control has occurred in accordance with clause 43.2 (Change of Control); or 66.2.2. where no such notification has been given, the date that the Purchaser becomes aware of the change of control. 66.3. But the Purchaser may not terminate the Contract under clause 64.2 where approval of the change of control has been granted by notice by the Purchaser.

Termination on Insolvency and Change of Control. 66.1. The Purchaser may terminate the Contract with immediate effect by notice where in respect of the Supplier: 66.1.1. a proposal is made for a voluntary arrangement within Part I of the Insolvency Act 1986 Xxx 0000 or of any other composition scheme or arrangement with, or assignation for the benefit of, its creditors; 66.1.2. a shareholders’ meeting is convened for the purpose of considering a resolution that it be wound up or a resolution for its winding-up is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); 66.1.3. a petition is presented for its winding up (which is not dismissed within 14 days of its service) or an application is made for the appointment of a provisional liquidator or a creditors’ meeting is convened pursuant to section 98 of the Insolvency Act 1986Xxx 0000; 66.1.4. a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets; 66.1.5. an application order is made either for the appointment of an administrator or for an administration order, an administrator is appointed, or notice of intention to appoint an administrator is given; 66.1.6. it is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986Xxx 0000; 66.1.7. being a “small company” within the meaning of section 382 of the Companies Act 2006Xxx 0000, a moratorium comes into force pursuant to schedule A1 to the Insolvency Act 1986Xxx 0000; 66.1.8. a debt relief order is entered into; or 66.1.9. any event similar to those listed above occurs under the law of any other jurisdiction. 66.2. The Purchaser may terminate the Contract by notice with immediate effect within 6 months of: 66.2.1. being notified that a change of Control has occurred in accordance with clause 43.2 (Change of Control); or 66.2.2. where no such notification has been given, the date that the Purchaser becomes aware of the change of control. 66.3. But the Purchaser may not terminate the Contract under clause 64.2 where approval of the change of control has been granted by notice by the Purchaser.

Termination on Insolvency and Change of Control. 66.143.1.1. The Purchaser Authority may terminate the Contract Framework Agreement with immediate effect by notice where in respect of the SupplierService Provider: 66.1.143.1.2. a proposal is made for a voluntary arrangement within Part I of the Insolvency Act 1986 or of any other composition scheme or arrangement with, or assignation for the benefit of, its creditors; 66.1.243.1.3. a shareholders’ meeting is convened for the purpose of considering a resolution that it be wound up or a resolution for its winding-up is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); 66.1.343.1.4. a petition is presented for its winding up (which is not dismissed within 14 days of its service) or an application is made for the appointment of a provisional liquidator or a creditors’ meeting is convened pursuant to section 98 of the Insolvency Act 1986; 66.1.443.1.5. a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets; 66.1.543.1.6. an application order is made either for the appointment of an administrator or for an administration order, an administrator is appointed, or notice of intention to appoint an administrator is given; 66.1.643.1.7. it is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; 66.1.743.1.8. being a “small company” within the meaning of section 382 of the Companies Act 2006, a moratorium comes into force pursuant to schedule A1 to the Insolvency Act 1986; 66.1.843.1.9. a debt relief order is entered into; or 66.1.943.1.10. any event similar to those listed above occurs under the law of any other jurisdiction. 66.2. The Purchaser may terminate the Contract by notice with immediate effect within 6 months of: 66.2.1. being notified that a change of Control has occurred in accordance with clause 43.2 (Change of Control); or 66.2.2. where no such notification has been given, the date that the Purchaser becomes aware of the change of control. 66.3. But the Purchaser may not terminate the Contract under clause 64.2 where approval of the change of control has been granted by notice by the Purchaser.