Insolvency and business rescue proceedings. 23.7.1 Any corporate action, legal proceedings or other procedure or step (including an application to court, proposal or convening of a meeting) is taken with a view to:
Insolvency and business rescue proceedings. 19.6.1 Any corporate action, legal proceedings or other procedure or step is taken in relation to:
Insolvency and business rescue proceedings. (1) Other than in relation to the members of the Group listed in Schedule 13 (Companies to be wound up/reorganised) any corporate action, legal proceedings or other procedure or step is taken in relation to:
Insolvency and business rescue proceedings. Any corporate action, legal proceedings or other procedure or step is taken in relation to: • the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, business rescue or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Client or any member of the Group other than a solvent liquidation or reorganisation of any member of the Group other than the Client; • a composition, compromise, assignment or arrangement with any creditor of the Client or any member of the Group; • the appointment of a sequestrator or a liquidator (other than in respect of a solvent liquidation of a member of the Group other than the Client), receiver, administrative receiver, administrator, compulsory manager, business rescue practitioner or other similar officer in respect of any member of the Group or any of its assets; or • enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction. A meeting is proposed or convened by the Client or the directors of any member of the Group, a resolution is proposed or passed, application is made or an order is applied for or granted, to authorise the entry into or implementation of any business rescue proceedings (or any similar proceedings) in respect of the Client or any member of the Group or any analogous procedure or step is taken in any jurisdiction. This clause (Insolvency and Business Rescue Proceedings) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within [14] days of commencement. Creditors’ Process Any expropriation, attachment, sequestration, implementation of any business rescue plan, distress or execution affects any asset or assets of the Client or a member of the Group [and is not discharged within [14] days]. The Client or any guarantor: • being a Natural Person - publishes a notice of the voluntary surrender of its estate or dies; is placed under administration or debt review or commits an act of insolvency as defined in the Insolvency Act 24 of 1936; or an application or other proceedings have been brought against it or in respect of it, in terms of which it is sought to be sequestrated or placed under curatorship, in any such event whether provisionally or finally, whether voluntarily or compulsory; or • not being a Natural Person - is dissolved, deregistered, wound up or liquidated, in any event wheth...
Insolvency and business rescue proceedings. The provisions of clause 23.7 of the Senior Facilities Agreement are incorporated into this Agreement by reference, provided that all references to “Obligors” shall include a reference to the Purchaser.
