# Procurement Act 2023, Paragraph 12: Advantageous terms on insolvency

Extent: E+W+S+N.I.

A supplier is “undergoing insolvency proceedings” if it has—
(a) become bankrupt or, in Scotland, the estate of the supplier has been sequestrated,
(b) become subject to insolvency or winding-up proceedings,
(c) had its assets subject to administration or receivership, including by a liquidator or court,
(d) entered into an arrangement with its creditors,
(e) become subject to a petition or application for any such procedures or arrangements, or
(f) in any jurisdiction, been subject to a procedure or an application that corresponds to any procedure or application mentioned in paragraphs (a) to (e).

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Source: https://www.legislation.gov.uk/ukpga/2023/54/schedule/5/paragraph/12 (the official version)
Page: https://openlegislation.uk/procurement-act-2023/schedule-5/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.