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A party | A party | ||
is dissolved (other than by merger); | |||
(2) becomes insolvent, unable to pay its debts, or admits it in writing; | (2) becomes insolvent, unable to pay its debts, or admits it in writing; | ||
(3) makes a composition with its creditors; | (3) makes a composition with its creditors; | ||
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(9) takes any action towards any of the above events. | (9) takes any action towards any of the above events. | ||
| style="width: 50%" | {{small|80}} | | style="width: 50%" | {{small|80}} | ||
'''Bankruptcy'''. A party: < | '''Bankruptcy'''. A party: | ||
{{L1}}<li> '''Dissolved''': is dissolved (other than by merger);<li> | |||
'''Insolvent''': becomes insolvent, unable to pay its debts, or admits it in writing;<li>'''Composition''': makes a composition with its creditors;<li> | |||
'''Proceedings''': suffers insolvency proceedings instituted by: | |||
{{L2}}<li>a regulator; or<li> | |||
anyone other than a regulator, and | |||
{{L3}}<li> it results in a winding up order; or | |||
those proceedings are not discharged within 15 days;</ol></ol><li> | |||
'''Winding Up''': resolves to wind itself up (other than by merger); <li> | |||
'''Administration''': has an administrator, provisional liquidator, or similar appointed for it or for substantially all its assets; <li> | |||
'''Security Exercised''': has a secured party take possession of, or a legal process is enforced against, substantially all its assets for at 15 days without a court dismissing it; <li> | |||
'''Similar events''': suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or <li> | |||
'''Takes steps''': takes any action towards any of the above events. <br> | |||
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