<ol> <li>Files for protection under bankruptcy or insolvency laws, makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;</li> <li>becomes or is declared insolvent, has a liquidator, receiver or administrative receiver appointed or passes a resolution for winding up (otherwise than for the purpose of a solvent consolidation or restructuring) or if a court makes an order to that effect. </li> <li>by reasons of financial difficulties suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of its business.