Bankruptcy Petition

Bankruptcy Petition

1. A formal request by an individual or a business to a bankruptcy court to declare bankruptcy and to discharge or restructure debts (after repayment is made insofar as possible).

2. A formal request by an individual or a business' creditors to a bankruptcy court to declare bankruptcy and to require repayment or restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy.
References in periodicals archive ?
The 46-year-old was allegedly in financial difficulties and facing bankruptcy petition when her husband received the proceeds from Mr Woolfeden's will, it was said.
"It's the most efficient tool to liquidate the company and collect the claims," said Dan Sklar, the attorney who filed the involuntary bankruptcy petition on June 27 in federal court in Manchester.
When a Limited Liability Company (LLC) is experiencing financial difficulties, filing a voluntary business bankruptcy petition in the United States Bankruptcy Court may be necessary in order to reorganize and restructure the LLC's financial affairs.
Trade and other unsecured creditors concerned about a debtor's nonpayment of their claims may consider joining an involuntary bankruptcy petition against that debtor.
Sedor allegedly filed a bankruptcy petition for a client on Sept.
Paul Gair, partner at TLT, said, "We can confirm that we presented a bankruptcy petition against Dr Mallya on behalf of the banks on 11 September 2018." TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London's High Court of Justice for a hearing in the first half of 2019.
The specific question before us is whether summary judgment was properly granted to the Individual Sellers on the grounds that no individual creditor had a viable state law claim as of the date of the bankruptcy petition filing because the statute of limitations on any such claims had run.
MGTF Radio Company -- the entity created by the sons of veteran Pittsburgh radio station owner Saul Frischling -- on the morning of March 20 filed a bankruptcy petition in U.S.
SUBSTITUTED SERVICE OF BANKRUPTCY PETITION In the NEWCASTLE UPON TYNE County Court 0024 of 2018 MS RHODA G HUTTON T/A A B C SERVICES last known address 2 Axwell Park Road, Blaydon-On-Tyne.
He said Yorke owed HM Revenue & Customs PS1.5m and was the subject of a bankruptcy petition.
But the document acknowledges that the filing of criminal complaints by PNB regarding allegations of"unauthorised loans"to Nirav Modi and affiliated foreign companies were the"events leading"to the filing of the bankruptcy petition. The only banks mentioned as creditors are HSBC and Israel Discount Bank (IDB), which have outstanding loans totaling $20 million to two of the companies.
Contractors LLC, according to his bankruptcy petition filed in U.S.