by The Hyena  12/05/2021  0 Page Views
0 Comments  Commercial law, litigation, contracts, IP, property law
Hello, I am a creditor who has served a Bankruptcy Notice on a debtor for $10.5k. He has about two weeks left of his 21 days. I fully expect that the debtor will attempt to pay me, say, $501 in order to reduce the debt below $10k and thereby defeat the impending Creditor's Petition, even though he has committed an act of bankruptcy. This will happen either with the 21 days of the bankruptcy notice or some time after that. In addition to my debt, I am aware of two other creditors, who are not party to my Bankruptcy Notice, who have debts (from unrelated Employment Tribunal Orders) of around $8k each (ie) both less than $10k. My questions are follows: 1. Will that $501 short payment indeed stop the Bankruptcy process, assuming that I do nothing else? 2. Can I invite the two other creditors to be "supporting creditors" with me in my Creditor's Petition, which would bring our joint claim to well over the $10k threshold, even though, individually, we are all less than $10k? At around $30k, I think we'd be able to get a Sequestration Order. Thanks Steve