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Bankruptcy
Bankruptcy is a proceeding by which the state takes possession of the debtor’s property through an officer appointed for the purpose. Property may be movables or immoveable. This property is then realized and, subject to certain priorities, distributed amongst the persons to whom the debtor owe money or has incurred pecuniary liability.
Acts of Bankruptcy
A debtor must have committed one of the ten acts of bankruptcy specified in the Bankruptcy Act 1967 before bankruptcy proceedings may be brought against him. An act of bankruptcy must be a personal act of default and I would appear that, it cannot be committed through an agent of the person to be made bankrupt.
Bankruptcy Notice
A bankruptcy notice is a notice in the Form 3 of the Schedule issued by the Court and served by a creditor who has obtained final judgment against the debtor requiring him to settle the judgment debt within seven (7) days of the service of the debt. An act of bankruptcy is committed upon failure to comply with the Bankruptcy Notice within the prescribed seven (7) days. Then, the creditor may present a Bankruptcy Petition within six (6) months from the act of bankruptcy.
To apply for the bankruptcy notice the creditor must present the judgment, a request for issue and the bankruptcy notice. Every bankruptcy notice must be served by an affidavit of service.
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