VOLUNTARY PROCEEDINGS definition

VOLUNTARY PROCEEDINGS. If the Borrower shall cease, or threaten to cease, to carry on business or shall make a general assignment for the benefit of creditors; or any proceeding or filing shall be instituted or made by the Borrower seeking relief on its behalf as debtor, or to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of it or its debts, in each case, under any law relating to bankruptcy, insolvency or relief of debtors (including, without limitation, the Bankruptcy and Insolvency Act (Canada) and the Companies' Creditors Arrangement Act (Canada)), or seeking appointment of a receiver, trustee, liquidator, custodian or other similar official for it or for any part of its properties or assets; or if the Borrower shall take any corporate action to authorize any of the actions set forth in this subsection.
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Related to VOLUNTARY PROCEEDINGS

  • winding-up proceedings means collective proceedings involving realisation of the assets and distribution of the proceeds among the creditors, shareholders or members as appropriate, which involve any intervention by administrative or judicial authorities, including where the collective proceedings are terminated by a composition or other analogous measure, whether or not they are founded on insolvency or are voluntary or compulsory;

  • CCAA Proceedings means the proceedings commenced by the Applicant under the CCAA as contemplated by the Initial Order;

  • Formal proceedings means proceedings conducted before a judge with notice to interested persons.

  • Disciplinary proceeding means an adjudicative proceeding permitted under this

  • criminal proceedings means criminal proceedings in relation to which the strict rules of evidence apply;