definiens: means, in respect of a party : ( a)a bankruptcy administrator or other external administrator being appointed to the party ; ( b ) ( i ) the party resolving to appoint a receiver, receiver and manager or analogous Person to theparty or the party ’s property ; or ( i)a receiver, receiver and manager, provisional liquidator, trustee for creditors or in bankruptcy oranalogous Person is appointed to the party or the party ’s property ; ( c)the holder of a security interest or any agent on its behalf appointing a receiver, receiver and manager oranalogous Person, or taking possession of the party ’s property ; ( d)the party failing to comply or being taken to have failed to comply with a statutory demand ; ( e)an order being made, or the party passing a resolution, for its winding up or placing of that party intoliquidation or bankruptcy ; 5 ( f)the party ceasing to carry on all or a material part of its business, being unable to pay its debts when theyare due, or being or becoming otherwise insolvent ; ( g)the party entering into an assignment for the benefit of any of its creditors ; or ( h)any analogous event under the Laws of any applicable jurisdiction, unless this takes place as part of business in the ordinary course, a solvent reconstruction, amalgamation, merger or consolidation, or in the case of any proceeding described above, unless such proceeding is stayed ordismissed within sixty ( 60 ) days after it is brought