Glossary Of Debt Management & Financial Terms
Bankruptcy Order
The debtor has petitioned the Court Court for its protection against creditors, or a creditor, or group of creditors, that have issued a statutory demand for repayment which has not been paid and the Court has ordered the debtor to be made bankrupt.
This is an order of the court, based upon a creditor's or debtor's petition, which make an individual bankrupt. The case will usually then be dealt with by Trustee in bankruptcy. This is where the bankruptcy hearing has been completed and the court has decided the necessary course of action against the debtor. This comprises of the details/specifics of what restrictions have been placed on the debtor, any moneys that they should pay a month and also how long the bankruptcy is to last for.
