Dictionary

  • Debtor’s petition

    A debtor’s petition is a formal, personal application made by a debtor to the official receiver (Registrar in Bankruptcy) to be made bankrupt as per Section 55 of the Bankruptcy Act 1966 (Cth). A debtor’s petition aims to protect the debtor from creditors and ensure the fair distribution of remaining assets and funds. It may include joint debtors or a partnership, and is sought when a person cannot pay his or her debts and therefore seeks to have their assets removed from their control by a trustee in bankruptcy.

    An approved form for a debtor’s petition is available from the Australian Financial Securities Authority’s website. A debtor’s petition may include joint debtors or a partnership.

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