Common use of Termination on Insolvency Clause in Contracts

Termination on Insolvency. The Authority may terminate this Framework Agreement with immediate effect by notice in writing where the Supplier is a company and in respect of the Supplier: 26.11.1 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 assignment for the benefit of, its creditors; or 26.11.2 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); or 26.11.3 a petition is presented for its winding up (which is not dismissed within fourteen

Termination on Insolvency. The Authority may terminate this Framework Agreement with immediate effect by notice in writing where the Supplier is a company and in respect of the Supplier: 26.11.1 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 assignment for the benefit of, its creditors; or 26.11.2 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); or 26.11.3 a petition is presented for its winding up (which is not dismissed within fourteen