Bankrupt Member

Example Definitions of "Bankrupt Member"
Bankrupt Member. A Member that makes an arrangement or agreement which is or has substantially the same effect as an agreement with creditors generally consolidating debts, files a voluntary petition in bankruptcy or for reorganization or for an arrangement, undergoes a liquidation, whether compulsory or voluntary (except as a solvent company for the purpose of amalgamation or reconstruction), becomes insolvent or suffers a receiver of all or part of its assets, or is adjudicated a bankrupt and such judgment is... not vacated or stayed within 30 days. View More
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