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OFS-3.5.20

Where:

(a) After due enquiry, the trustee is at any time of the opinion that the assets of the borrowing corporation and of any of its guarantor corporations which are or should be available, whether by way of collateral or security or otherwise, are insufficient or likely to become insufficient to discharge the principal debt as and when it becomes due; or
(b) The borrowing corporation has contravened an order made by the CBB under Paragraph OFS-3.5.19.

the trustee may apply to the court for an order.

January 2014