Creditor's Petition
/ˈkrɛdɪtərz pɪˈtɪʃən/
Definitions
- (n.) A formal application filed by a creditor to initiate insolvency or bankruptcy proceedings against a debtor.
The creditor's petition was submitted to the court to recover outstanding debts.
Forms
- creditor's petition
- creditors' petition
Related terms
See also
Commentary
Usually filed when a creditor seeks to compel debtor insolvency determination; precise procedure and thresholds vary by jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.