Examples of Insolvent Party in a sentence

However, these provisions do not apply to contingent debts owing to the Insolvent Party.
Section 34 of the Bankruptcy Ordinance provides that contingent debts owing by a Hong Kong Company in winding up (the Insolvent Party) to another person are provable and that an estimate can be made by the liquidator of the value of such contingent debts.
In addition, Section 268 of the Companies Ordinance does not entitle a liquidator of the Insolvent Party to disclaim a contract if and to the extent that Statutory Insolvency Set-Off has been effective to convert into an amount due and payable any liability or obligation which, but for the operation of Statutory Insolvency Set-Off, would have been required to be discharged or performed by the Insolvent Party at some future time.
A liquidator may therefore, following the commencement of the winding-up of that Insolvent Party, seek to disclaim any contract entered into by that Insolvent Party, if the liquidator considers that contract to be an unprofitable contract.
Accordingly, if a debt to the Insolvent Party remains contingent, the fact that nothing is "due" in respect of it, whether by way of an estimate of its value or otherwise, means that it cannot be brought into account in a set-off, unless the contingency is fulfilled during the course of the winding-up proceeding.

More Definitions of Insolvent Party

Insolvent Party has the meaning given to it in clause 11.3; "Intellectual Property Rights" means patents, rights to inventions, copyright and related rights, trademarks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to xxx for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;

Insolvent Party means as defined in Section 7.3.

Insolvent Party means the party to a qualified financial contract in relation to which insolvency, winding up, liquidation, resolution, administration or similar proceedings have been instituted under any law for the time being in force in India or under the laws of any other country, including of its incorporation;

Insolvent Party has the meaning set forth in Section 16.3.4.

Insolvent Party shall have the meaning set out in Clause 15.4.

Insolvent Party has the meaning set forth in Section 22.03 (a).

Insolvent Party shall have the meaning set forth in Section 13.2(b).