Bankruptcy petitions—process and procedure post-presentation of the petition


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Restructuring & Insolvency expert
Practice notes

Bankruptcy petitions—process and procedure post-presentation of the petition


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Restructuring & Insolvency expert

Practice notes
imgtext

Before the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must be taken to comply with the procedural requirements set out in the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 and Practice Direction on Insolvency Proceedings (PDIP), including those that may be taken by the debtor or any other creditor if they wish to formally engage in the creditors' bankruptcy petition process.

Steps to be taken by the petitioning creditor before the hearing

The petitioning creditor must take several procedural steps before the hearing of the bankruptcy petition:

  1. •

    the petitioning creditor will need to ensure that at least 14 days has elapsed since the bankruptcy petition was served on the debtor. The petition can only be heard if less than 14 days has elapsed if:

    1. â—¦

      it appears to the court that the debtor has absconded

    2. â—¦

      the court is satisfied that there is a proper case for an expedited hearing, or

    3. â—¦

      the debtor consents to the hearing at short notice

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Bankruptcy definition
What does Bankruptcy mean?

The court supervised process whereby the assets of an insolvent individual are realised for the benefit of his creditors.

Read more readmore

Popular documents

If a bankruptcy order is made against an individual in England who then moves outside of the EU to live,

If a bankruptcy order is made against an individual in England who then moves outside of the EU to live, would the individual be considered bankrupt in that foreign country? Would it be possible to pursue the individual for payment of a bankruptcy debt (as far as the English bankruptcy is concerned)

A debtor has not included or mentioned a creditor client’s debt in their individual voluntary arrangement

A debtor has not included or mentioned a creditor client’s debt in their individual voluntary arrangement (IVA) (which has been approved without notice to the client) or a property (which the debtor intends to use the sale proceeds of to repay the client). If the client reaches terms of settlement

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

If a rentcharge is shown as being informally exonerated on title information, does this apply to the

If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some