- 1 Marks
Question
A creditor shall not be entitled to present a bankruptcy petition against the debtor where the debt is less than ……………………………………….
Answer
₦2,000.
Explanation:
Under Nigerian bankruptcy law, a creditor can only file a bankruptcy petition against a debtor if the debtor owes a minimum amount. In this case, the law specifies that the amount must be at least ₦2,000. If the debt is less than this, the creditor does not have the legal right to file a bankruptcy petition.
- Tags: Bankruptcy, Creditor, Debt Threshold, Debtor, Legal Proceedings
- Level: Level 1
- Topic: Law of Trusts
- Series: NOV 2013
- Uploader: Theophilus