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

Termination on Change of Control and Insolvency. 32.1 The Authority may terminate the Contract by written notice having immediate effect if: 32.1.1 the Contractor undergoes a change of control, within the meaning of sections 450 and 451 of the Corporation Tax Act 2010, impacting adversely and materially on the performance of the Contract; or 32.1.2 where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or 32.1.3 where the Contractor is a company, the Contractor passes a resolution or the Court makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. 32.2 The Authority may only exercise its right under clause 32.1.1 within 6 Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance in writing to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 32.1 40.1 The Authority may terminate the Contract by written notice having immediate effect if: 32.1.1 a. the Contractor undergoes a change of control, within the meaning of sections 450 and 451 section 416 of the Income and Corporation Tax Act 2010Taxes ▇▇▇ ▇▇▇▇, impacting adversely and materially on the performance of the Contract; or 32.1.2 b. where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of or the Insolvency Act 1986▇▇▇ ▇▇▇▇; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or 32.1.3 c. where the Contractor is a company, the Contractor passes a resolution or the Court makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor's ’s business or any part of it; or the Contractor is unable un able to pay its debts within the meaning of section 123 of the Insolvency Act 1986▇▇▇ ▇▇▇▇; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. 32.2 40.2 The Authority may only exercise its right under clause 32.1.1 Condition 40.1(a) within 6 Months months after a change of control occurs and shall not be permitted to do so where it has agreed in advance in writing to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 32.1 53.1 The Authority may terminate the Contract Agreement and any Contracts by written notice having immediate effect if: 32.1.1 53.1.1. the Contractor undergoes a change of control, within the meaning of sections 450 and 451 section 416 of the Income and Corporation Tax Taxes Act 20101988, impacting adversely and materially on the performance of the Contract; or 32.1.2 53.1.2. where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or 32.1.3 53.1.3. where the Contractor is a company, the Contractor passes a resolution or the Court makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. 32.2 53.2 The Authority may only exercise its right under clause 32.1.1 Condition 53.1.1. within 6 Months months after a change of control occurs and shall not be permitted to do so where it has agreed in advance in writing to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 32.1 8.2.1 The Authority may terminate the Contract by written notice having immediate effect if: 32.1.1 a) the Contractor undergoes a change of control, within the meaning of sections 450 and 451 section 416 of the Income and Corporation Tax Taxes Act 20101988, impacting adversely and materially on the performance of the Contract; or 32.1.2 b) where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or 32.1.3 c) where the Contractor is a company, the Contractor passes a resolution or the Court makes make an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor's Contractor‟s business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. 32.2 d) The Authority may only exercise its right under clause 32.1.1 Condition 8.2.1(a) within 6 Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance in writing to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.