• 6 Marks

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

Explain THREE reasons for which a creditor shall be entitled to present a bankruptcy petition against a debtor.

  1. Debt of at least N2,000: The debt owed by the debtor must be at least N2,000 before a creditor can present a bankruptcy petition.
  2. Liquidated Debt: The debt must be a liquidated sum, payable either immediately or at some future time that is certain.
  3. Act of Bankruptcy: The act of bankruptcy that forms the basis of the petition must have occurred within three months before the presentation of the petition.
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