A designated credit institution becomes insolvent for the purposes of this Act in any of the following circumstances:
(a) if the appointment of an examiner in respect of the institution under the Companies (Amendment) Act, 1990, is not terminated or stayed within 30 days after the date of the appointment;
(b) if the appointment of a liquidator in respect of the institution is not terminated or stayed within 30 days after the date of the appointment;
(c) if the appointment of a receiver over any part of the property or undertaking of the institution is not terminated or stayed within 30 days after the date of the appointment;
(d) if the institution is a company and the company is deemed to be unable to pay its debts as provided by -
(i) section 2(3) (a) or (b) of the Companies (Amendment) Act, 1990, or
(ii) section 214(b) or (c) of the Companies Act, 1963;
(e) if the institution is a building society and the High Court makes an order under section 109 of the Building Societies Act, 1989
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