Bankruptcy Advice – Going bankrupt?
Bankruptcy AdviceA court makes a bankruptcy order only after a bankruptcy petition has been presented either by: • the debtor themselves (debtor’s petition); or • by one or more unsecured creditors who are owed at least 750 (creditor’s petition). • a supervisor of an individual voluntary arrangement may also present a petition if they believe they have grounds. A bankruptcy order can still be made, even if the debtor refuses to acknowledge the proceedings or refuses to agree to them. Once the bankruptcy order has been made the process involved is the same whoever issued the petition.
