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Bankruptcy notice in United Kingdom

Bankruptcy notice in the Business Encyclopaedia and Legal Adviser

Based on the Business Encyclopaedia and Legal Adviser , by W.S.M. Knight, Barrister –at – Law.

This process, by way of Bankruptcy Notice, is the most common foundation of bankruptcy proceedings. The following are some points for observation thereon. The judgment must be one on which execution has not been stayed, and it is available to the assignee of a judgment creditor. The judgment must be a final one. If a creditor has this, in order to issue a Bankruptcy Notice, he should apply to the Court—any Court in which a petition may be presented against the debtor—for the issue therefore, and with the request produce to the registrar an office copy of the judgment, filing both request and notice. A printed form can be obtained at the office of the Court with instructions as to its filling up. Service therefore upon the debtor is on the same principle as that of a writ (see Action), except that it should be served within one month from issue. A married woman, though subject as a trader to bankruptcy, cannot be served with a bankruptcy notice, because its form does not fit with the peculiar form of judgment against a married woman; and it makes no difference that since the date of judgment she has become a widow. The judgment debt upon which the bankruptcy notice is based may be for any amount. The only ways in which a debtor may avoid committing an act of bankruptcy when served with a bankruptcy notice are (1) paying; (2) giving satisfactory security; (3) showing a cross-claim equal to or exceeding the judgment debt, which there was no previous opportunity of setting up.

(h) If the debtor gives notice to any of his creditors that he has suspended, or that he is about to suspend, payment of his debts. This act of bankruptcy depends upon the construction of notices and circulars of all sorts by involved debtors. A debtor, therefore, who wishes to effect a private arrangement with his creditors must be careful in the wording of any notice or circular he may send out. he must consider what effect such a circular would produce on the mind of a creditor reading it. If the inference to be naturally drawn therefrom is that if the debtor’s offer is not accepted, suspension must follow, it is an act of bankruptcy. But the notice must be a formal one, though not in writing. See See Bankruptcy and Fraudulent Preference.

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(2013, 11). Bankruptcy notice lawi.org.uk Retrieved 01, 2021, from https://lawi.org.uk/bankruptcy-notice/

11 2013. 01 2021 <https://lawi.org.uk/bankruptcy-notice/>

"Bankruptcy notice" lawi.org.uk. lawi.org.uk, 11 2013. Web. 01 2021. <https://lawi.org.uk/bankruptcy-notice/>

"Bankruptcy notice" lawi.org.uk. 11, 2013. Accesed 01 2021. https://lawi.org.uk/bankruptcy-notice/

W.S.M. Knight, 'Bankruptcy notice' (lawi.org.uk 2013) <https://lawi.org.uk/bankruptcy-notice/> accesed 2021 January 17

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Schema Summary

  • Article Name: Bankruptcy notice
  • Author: W.S.M. Knight
  • Description: Bankruptcy notice in the Business Encyclopaedia and Legal Adviser Based on the Business Encyclopaedia and Legal Adviser , [...]

This entry was last updated: November 8, 2013

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