The creditors formally stating their claim allows the bankruptcy court to legally deal with all debts the filing debtor has listed in their bankruptcy petition for bankruptcy protection. (betterbankruptcy.com)
If a creditor petitions for your bankruptcy more than four months after they served the statutory demand, they should explain to the court why there has been a delay. (nationaldebtline.org)
Should the individual or the company fail to pay, our debt recovery team will advise you on the legal processes involved in petitioning for bankruptcy or winding - up. (sherrards.com)