- 1 Marks
Question
Bankruptcy petition by a group of creditors who acts together against a common debtor who is known to be insolvent is a ____________.
Answer
Creditors Petition/Joint Petition
Explanation:
A Creditors Petition for bankruptcy is filed by multiple creditors who collectively seek to address the insolvency of a debtor, allowing for coordinated proceedings in court.
- Tags: Bankruptcy, Creditors, Insolvency
- Level: Level 1
- Topic: Law Relating to Banking
- Series: MAY 2014
- Uploader: Theophilus