Insolvency Petition
/ɪnˈsɒlvənsi pɪˈtɪʃən/
Definitions
- (n.) A formal written request filed with a court to initiate insolvency proceedings against a debtor who is unable to pay debts.
The creditor filed an insolvency petition to begin bankruptcy proceedings against the company.
Forms
- insolvency petition
- insolvency petitions
Related terms
See also
Commentary
An insolvency petition must usually be supported by evidence of the debtor's inability to pay debts; drafting precision is essential to comply with jurisdictional requirements.
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.