- 3 Marks
Question
A debtor who could not pay his debts or meet his legal financial obligations may be insolvent.
You are required to:
State THREE acts of bankruptcy for which bankruptcy proceedings may be instituted against a debtor.
Answer
The following are three acts of bankruptcy:
- If a creditor obtains a final judgment against the debtor.
- If execution against the debtor has been levied.
- If the debtor files a declaration in court stating the inability to pay debts
- Tags: Bankruptcy, Insolvency, Legal Financial Obligations
- Level: Level 1
- Topic: Agency Law
- Series: NOV 2013
- Uploader: Theophilus