Event of Insolvency

Example Definitions of "Event of Insolvency"
Event of Insolvency. In relation to a corporation: (a) receiver, manager, receiver and manager, trustee, administrator or similar officer is appointed in respect of a person or any material asset of a corporation; (b) a liquidator or provisional or interim liquidator is appointed in respect of a corporation; (c) any application (not being an application withdrawn or dismissed within 7 days) is made to a court for an order, or an order is made, or a meeting is convened, or a resolution is passed, for the purpose of:... (i) appointing a person referred to in paragraphs (a) or (b); (ii) winding up the relevant corporation; or (iii) proposing or implementing a compromise with creditors (including a scheme of arrangement, other than to carry out a reconstruction or amalgamation while solvent); (d) a final order, judgment or award is made against the corporation which it fails to satisfy within 7 days of being required to do so; or (e) the corporation becomes, or admits in writing that it is, is declared to be, or is deemed under any applicable Law to be, insolvent or unable to pay its debts View More
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