(1) a resolution is passed by its shareholders, or a court order is made, to wind it up;

(2) an arrangement or composition is entered into with its creditors under any law relating to bankruptcy or insolvency;

(3) it is not qualified by a Clearing Member;

(4) it is suspended;

(5) it ceases to carry on business pursuant to Rule 4.6.20;

(6) it is declared a defaulter pursuant to Chapter 14; or

(7) its capital markets services licence lapses or is revoked, or its exemption from holding a capital markets services licence is withdrawn.