INSOLVENCY OF BUYER - Buyer is declared bankrupt by relevant authority Receiver has been appointed by relevant authority to manage affairs of the buyer An order is passed by relevant authority for compulsory winding up of the buyer Buyer has passed a resolution for voluntary winding up An arrangement binding on all creditors has been sanctioned by relevant authority PROTRACTED DEFAULT -Non-payment by the due date for payment of an undisputed invoice submitted by the seller to the buyer -Buyer is not insolvent