Template:Nutshell GMSLA Act of Insolvency

Act of Insolvency means for either Party:

(a) a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or

(b) its admission it is unable to pay its debts when due; or

(c) an administrator is appointed over a material part of its business (or it seeks one); or

(d) a bankruptcy petition is filed on it (other than in by reference to Agreement) and is not stayed or dismissed within 30 days; or

(e) its creditors meet to consider a voluntary arrangement between them;