Debtor’s petition
A formal application made by a debtor asking the court for their own bankruptcy under procedures where that terminology applies.
Related terms
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Formal insolvency
A statutory insolvency procedure, such as liquidation, administration, bankruptcy or another legally defined insolvency process.
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Informal repayment arrangement
A repayment agreement made directly with a creditor outside a formal insolvency procedure.
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Formal debt solution
A legally recognised procedure for dealing with debt, such as bankruptcy, an IVA, a DRO or another statutory process.
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