Common use of Termination on Insolvency Clause in Contracts

Termination on Insolvency. The Client may terminate the Contract with immediate effect by giving notice in writing to the Solicitor if: 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, the Solicitor’s creditors; or a shareholders', members’ or partners’ meeting is convened for the purpose of considering a resolution that the Solicitor be wound up or a resolution for the winding-up of the Solicitor is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); or a petition is presented for the winding-up of the Solicitor (which is not dismissed within five (5) Working Days of its service) or an application is made for the appointment of a provisional liquidator or a creditors' meeting is convened in respect of the Solicitor pursuant to section 98 of the Insolvency Act 1986; or a receiver, administrative receiver or similar officer is appointed over the whole or any part of the Solicitor’s business or assets; or a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the Solicitor’s assets and such attachment or process is not discharged within ten (10) Working Days; an application is made in respect of the Solicitor either for the appointment of an administrator or for an administration order and an administrator is appointed, or notice of intention to appoint an administrator is given; or if the Solicitor is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; or the Solicitor suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of his business; or in the reasonable opinion of the Client, there is a material detrimental change in the financial standing and/or the credit rating of the Solicitor which: adversely impacts on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or could reasonably be expected to have an adverse impact on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or the Solicitor demerges into two or more firms, merges with another firm, incorporates or otherwise changes its legal form and the new entity has or could reasonably be expected to have a materially less good financial standing or weaker credit rating than the Solicitor; or being a "small company" within the meaning of section 382(3) of the Companies Act 2006, a moratorium in respect of the Solicitor comes into force pursuant to Schedule A1 of the Insolvency Act 1986; or the Solicitor being an individual dies or is adjudged incapable of managing his affairs within the meaning of Part VII of the Mental Health Act 1983; or the Solicitor being an individual or any partner or partners in the Solicitor who together are able to exercise control of the Solicitor where the Solicitor is a firm shall at any time become bankrupt or shall have a receiving order or administration order made against him or them, or shall make any composition or arrangement with or for the benefit for his or their creditors, or shall make any conveyance or assignment for the benefit of his or their creditors, or shall purport to do any of these things, or appears or appear unable to pay or to have no reasonable prospect of being able to pay a debt within the meaning of section 268 of the Insolvency Act 1986, or he or they shall become apparently insolvent within the meaning of the Bankruptcy (Scotland) Act 1985, or any application shall be made under any bankruptcy or insolvency act for the time being in force for sequestration of his or their estate(s) or a trust deed shall be granted by him or them on behalf of his or their creditors; or

Termination on Insolvency. The Client may terminate the Contract with immediate effect by giving notice in writing to the Solicitor if: 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, the Solicitor’s creditors; or a shareholders', members’ or partners’ meeting is convened for the purpose of considering a resolution that the Solicitor be wound up or a resolution for the winding-up of the Solicitor is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); or a petition is presented for the winding-up of the Solicitor (which is not dismissed within five (5) Working Days of its service) or an application is made for the appointment of a provisional liquidator or a creditors' meeting is convened in respect of the Solicitor pursuant to section 98 of the Insolvency Act 1986Xxx 0000; or a receiver, administrative receiver or similar officer is appointed over the whole or any part of the Solicitor’s business or assets; or a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the Solicitor’s assets and such attachment or process is not discharged within ten (10) Working Days; an application is made in respect of the Solicitor either for the appointment of an administrator or for an administration order and an administrator is appointed, or notice of intention to appoint an administrator is given; or if the Solicitor is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986Xxx 0000; or the Solicitor suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of his business; or in the reasonable opinion of the Client, there is a material detrimental change in the financial standing and/or the credit rating of the Solicitor which: adversely impacts on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or could reasonably be expected to have an adverse impact on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or the Solicitor demerges into two or more firms, merges with another firm, incorporates or otherwise changes its legal form and the new entity has or could reasonably be expected to have a materially less good financial standing or weaker credit rating than the Solicitor; or being a "small company" within the meaning of section 382(3) of the Companies Act 2006Xxx 0000, a moratorium in respect of the Solicitor comes into force pursuant to Schedule A1 of the Insolvency Act 1986Xxx 0000; or the Solicitor being an individual dies or is adjudged incapable of managing his affairs within the meaning of Part VII of the Mental Health Act 1983Xxx 0000; or the Solicitor being an individual or any partner or partners in the Solicitor who together are able to exercise control of the Solicitor where the Solicitor is a firm shall at any time become bankrupt or shall have a receiving order or administration order made against him or them, or shall make any composition or arrangement with or for the benefit for his or their creditors, or shall make any conveyance or assignment for the benefit of his or their creditors, or shall purport to do any of these things, or appears or appear unable to pay or to have no reasonable prospect of being able to pay a debt within the meaning of section 268 of the Insolvency Act 1986Xxx 0000, or he or they shall become apparently insolvent within the meaning of the Bankruptcy (Scotland) Act 1985Xxx 0000, or any application shall be made under any bankruptcy or insolvency act for the time being in force for sequestration of his or their estate(s) or a trust deed shall be granted by him or them on behalf of his or their creditors; or

Termination on Insolvency. The Client 35.1 Without affecting any other right or remedy available to it, the Lead Organisation may terminate the Contract this Services Agreement with immediate effect by giving written notice in writing to the Solicitor Delivery Partner if: : (a) the Delivery Partner suspends, or threatens to suspend, payment of its debts or is unable to pay its debts as they fall due or admits inability to pay its debts or (being a proposal company or limited liability partnership) is made for a voluntary arrangement deemed unable to pay its debts within Part I the meaning of section 123 of the Insolvency Act 1986 Xxx 0000; (b) the Delivery Partner commences negotiations with all or any class of its creditors with a view to rescheduling any other composition scheme of its debts, or makes a proposal for or enters into any compromise or arrangement withwith its creditors other than (being a company) for the sole purpose of a scheme for a solvent amalgamation of Delivery Partner with one or more other companies or the solvent reconstruction of the Delivery Partner; (c) a petition is filed, a notice is given, a resolution is passed, or assignment an order is made, for or in connection with the benefit of, the Solicitor’s creditors; or a shareholders', members’ or partners’ meeting is convened for the purpose of considering a resolution that the Solicitor be wound up or a resolution for the winding-winding up of the Solicitor is passed Delivery Partner (being a company) other than as part of, and exclusively for the sole purpose of, of a bona fide reconstruction or amalgamation); or scheme for a petition is presented for the winding-up solvent amalgamation of the Solicitor Delivery Partner with one or more other companies or the solvent reconstruction of the Delivery Partner; (which is not dismissed within five (5d) Working Days of its service) or an application is made to court, or an order is made, for the appointment of an administrator, or if a provisional liquidator notice of intention to appoint an administrator is given or if an administrator is appointed, over the Delivery Partner (being a company); (e) the holder of a qualifying floating charge over the assets of the Delivery Partner (being a company) has become entitled to appoint or has appointed an administrative receiver; (f) a person becomes entitled to appoint a receiver over the assets of the Delivery Partner or a creditors' meeting is convened in respect of the Solicitor pursuant to section 98 of the Insolvency Act 1986; or a receiver, administrative receiver or similar officer is appointed over the whole or any part assets of the Solicitor’s business or assets; or Delivery Partner; (g) a creditor or encumbrancer of the Delivery Partner attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the SolicitorDelivery Partner’s assets and such attachment or process is not discharged within ten fourteen (1014) Working Days; days; (h) any event occurs, or proceeding is taken, with respect to the Delivery Partner in any jurisdiction to which it is subject that has an application is made in respect effect equivalent or similar to any of the Solicitor either for events mentioned in clause 35.1(a) to clause 35.1(g) (inclusive); or (i) the appointment of an administrator or for an administration order and an administrator is appointed, or notice of intention to appoint an administrator is given; or if the Solicitor is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; or the Solicitor Delivery Partner suspends or ceases, or threatens to suspend or cease, to carry carrying on all or a substantial part of his its business; or. (j) any warranty given by the other party in clause 33 of this Services Agreement is found to be untrue or in the reasonable opinion of the Client, there is a material detrimental change in the financial standing and/or the credit rating of the Solicitor which: adversely impacts on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or could reasonably be expected to have an adverse impact on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or the Solicitor demerges into two or more firms, merges with another firm, incorporates or otherwise changes its legal form and the new entity has or could reasonably be expected to have a materially less good financial standing or weaker credit rating than the Solicitor; or being a "small company" within the meaning of section 382(3) of the Companies Act 2006, a moratorium in respect of the Solicitor comes into force pursuant to Schedule A1 of the Insolvency Act 1986; or the Solicitor being an individual dies or is adjudged incapable of managing his affairs within the meaning of Part VII of the Mental Health Act 1983; or the Solicitor being an individual or any partner or partners in the Solicitor who together are able to exercise control of the Solicitor where the Solicitor is a firm shall at any time become bankrupt or shall have a receiving order or administration order made against him or them, or shall make any composition or arrangement with or for the benefit for his or their creditors, or shall make any conveyance or assignment for the benefit of his or their creditors, or shall purport to do any of these things, or appears or appear unable to pay or to have no reasonable prospect of being able to pay a debt within the meaning of section 268 of the Insolvency Act 1986, or he or they shall become apparently insolvent within the meaning of the Bankruptcy (Scotland) Act 1985, or any application shall be made under any bankruptcy or insolvency act for the time being in force for sequestration of his or their estate(s) or a trust deed shall be granted by him or them on behalf of his or their creditors; ormisleading.

Termination on Insolvency. The Client Customer may terminate the Contract with immediate effect by giving notice in writing to the Solicitor Supplier if: 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, the SolicitorSupplier’s creditors; or a shareholders', members’ or partners’ meeting is convened for the purpose of considering a resolution that the Solicitor Supplier be wound up or a resolution for the winding-up of the Solicitor Supplier is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); or a petition is presented for the winding-up of the Solicitor Supplier (which is not dismissed within five (5) Working Days of its service) or an application is made for the appointment of a provisional liquidator or a creditors' meeting is convened in respect of the Solicitor Supplier pursuant to section 98 of the Insolvency Act 1986; or a receiver, administrative receiver or similar officer is appointed over the whole or any part of the SolicitorSupplier’s business or assets; or a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the SolicitorSupplier’s assets and such attachment or process is not discharged within ten (10) Working Days; an application is made in respect of the Solicitor Supplier either for the appointment of an administrator or for an administration order and an administrator is appointed, or notice of intention to appoint an administrator is given; or if the Solicitor Supplier is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; or the Solicitor Supplier suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of his business; or in the reasonable opinion of the ClientCustomer, there is a material detrimental change in the financial standing and/or the credit rating of the Solicitor Supplier which: adversely impacts on the SolicitorSupplier’s ability to supply the Contract Services in accordance with the Contract; or could reasonably be expected to have an adverse impact on the SolicitorSupplier’s ability to supply the Contract Services in accordance with the Contract; or the Solicitor Supplier demerges into two or more firms, merges with another firm, incorporates or otherwise changes its legal form and the new entity has or could reasonably be expected to have a materially less good financial standing or weaker credit rating than the SolicitorSupplier; or being a "small company" within the meaning of section 382(3) of the Companies Act 2006, a moratorium in respect of the Solicitor Supplier comes into force pursuant to Schedule A1 of the Insolvency Act 1986; or the Solicitor Supplier being an individual dies or is adjudged incapable of managing his affairs within the meaning of Part VII of the Mental Health Act 1983; or the Solicitor Supplier being an individual or any partner or partners in the Solicitor Supplier who together are able to exercise control of the Solicitor Supplier where the Solicitor Supplier is a firm shall at any time become bankrupt or shall have a receiving order or administration order made against him or them, or shall make any composition or arrangement with or for the benefit for his or their creditors, or shall make any conveyance or assignment for the benefit of his or their creditors, or shall purport to do any of these things, or appears or appear unable to pay or to have no reasonable prospect of being able to pay a debt within the meaning of section 268 of the Insolvency Act 1986, or he or they shall become apparently insolvent within the meaning of the Bankruptcy (Scotland) Act 1985, or any application shall be made under any bankruptcy or insolvency act for the time being in force for sequestration of his or their estate(s) or a trust deed shall be granted by him or them on behalf of his or their creditors; or

Termination on Insolvency. The Client may terminate the Contract with immediate effect by giving notice in writing to the Solicitor if: 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, the Solicitor’s creditors; or a shareholders', members’ or partners’ meeting is convened for the purpose of considering a resolution that the Solicitor be wound up or a resolution for the winding-up of the Solicitor is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); or a petition is presented for the winding-up of the Solicitor (which is not dismissed within five (5) Working Days of its service) or an application is made for the appointment of a provisional liquidator or a creditors' meeting is convened in respect of the Solicitor pursuant to section 98 of the Insolvency Act 1986; or a receiver, administrative receiver or similar officer is appointed over the whole or any part of the Solicitor’s business or assets; or a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the Solicitor’s assets and such attachment or process is not discharged within ten (10) Working Days; an application is made in respect of the Solicitor either for the appointment of an administrator or for an administration order and an administrator is appointed, or notice of intention to appoint an administrator is given; or if the Solicitor is or becomes insolvent within the meaning of section 123 of the Insolvency Act 1986; or the Solicitor suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of his business; or in the reasonable opinion of the Client, there is a material detrimental change in the financial standing and/or the credit rating of the Solicitor which: adversely impacts on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or could reasonably be expected to have an adverse impact on the Solicitor’s ability to supply the Contract Services in accordance with the Contract; or the Solicitor demerges into two or more firms, merges with another firm, incorporates or otherwise changes its legal form and the new entity has or could reasonably be expected to have a materially less good financial standing or weaker credit rating than the Solicitor; or being a "small company" within the meaning of section 382(3) of the Companies Act 2006, a moratorium in respect of the Solicitor comes into force pursuant to Schedule A1 of the Insolvency Act 1986; or the Solicitor being an individual dies or is adjudged incapable of managing his affairs within the meaning of Part VII of the Mental Health Act 1983; or the Solicitor being an individual or any partner or partners in the Solicitor who together are able to exercise control of the Solicitor where the Solicitor is a firm shall at any time become bankrupt or shall have a receiving order or administration order made against him or them, or shall make any composition or arrangement with or for the benefit for his or their creditors, or shall make any conveyance or assignment for the benefit of his or their creditors, or shall purport to do any of these things, or appears or appear unable to pay or to have no reasonable prospect of being able to pay a debt within the meaning of section 268 of the Insolvency Act 1986, or he or they shall become apparently insolvent within the meaning of the Bankruptcy (Scotland) Act 1985, or any application shall be made under any bankruptcy or insolvency act for the time being in force for sequestration of his or their estate(s) or a trust deed shall be granted by him or them on behalf of his or their creditors; or