Bankruptcy Petition
A Bankruptcy petition is what is presented to the court seeking an order for your bankruptcy.
This bankruptcy petition is usually presented either:
- By you (debtors bankruptcy petition); or
- By one or more creditors who are owed at least £750 by you (creditors bankruptcy petition).
A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor's claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order is made is difficult and expensive.
Please feel free to contact our sponsored company helpline if you have any questions.