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

Termination on Insolvency and Change of Control. 57.1. The Service Provider shall notify in writing immediately, and the Purchaser may terminate the Contract with immediate effect by notice, where in respect of the Service Provider: 57.1.1. a proposal is made for a voluntary arrangement within Part I of the Insolvency ▇▇▇ ▇▇▇▇ or of any other composition scheme or arrangement with, or assignation for the benefit of, its creditors; 57.1.2. 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); 57.1.3. 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 ▇▇▇ ▇▇▇▇; 57.1.4. a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets; 57.1.5. 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; 57.1.6. it is or becomes insolvent within the meaning of section 123 of the Insolvency ▇▇▇ ▇▇▇▇; 57.1. 7. being a “small company” within the meaning of section 382 of the Companies ▇▇▇ ▇▇▇▇, a moratorium comes into force pursuant to schedule A1 to the Insolvency ▇▇▇ ▇▇▇▇;

Termination on Insolvency and Change of Control. 57.1. 24.1 The Service Provider shall notify in writing immediately, and the Purchaser Authority may terminate the Contract Framework Agreement with immediate effect by notice, notice in writing and without compensation to the Supplier where the Supplier is a company and in respect of the Service ProviderSupplier: 57.1.1. 24.1.1 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 assignment for the benefit of, its creditors;; or 57.1.2. 24.1.2 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);; or 57.1.3. 24.1.3 a petition is presented for its winding up (which is not dismissed within 14 fourteen (14) calendar 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; or 57.1.4. 24.1.4 a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets;; or 57.1.5. 24.1.5 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;; or 57.1.6. 24.1.6 it is or becomes insolvent within the meaning of section 123 of the Insolvency ▇▇▇ ▇▇▇▇;Act 1986; or 57.124.1. 7. 7 being a “small company” within the meaning of section 382 247(3) of the Companies ▇▇▇ ▇▇▇▇Act 1985, a moratorium comes into force pursuant to schedule Schedule A1 to of the Insolvency ▇▇▇ ▇▇▇▇;Act 1986; or