Article 78 - Definition of inability to pay debts
Company is deemed unable to pay its debts:
(A) if a creditor to whom the
Company is indebted in a sum exceeding US$2,000.00 then due has served on the Company a written demand requiring the Company to pay the sum so due and the Company has for three weeks thereafter neglected to pay the sum or to agree terms in relation to its payment to the reasonable satisfaction of the creditor; or
(B) if it is proved to the satisfaction of the
QFC Court that the Company is unable to pay its debts as they fall due.
Company is also deemed unable to pay its debts if it is proved to the satisfaction of the QFC Court that the value of the Company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.