Since 2015, Tracenet Legal Services has managed and effected the service of thousands of Bankruptcy Petitions upon debtors across the country. Our team has unparalleled experience serving process on behalf of creditors in insolvency proceedings.
A bankruptcy petition is an official document filed in court by either an individual debtor (debtor's petition) or a creditor (creditor's petition). Both are designed to address outstanding debts, but they differ in initiation and requirements.
A debtor's bankruptcy petition can be initiated by anyone unable to repay their debts and seeking relief through the Insolvency Act 1986. Under this scenario, assets belonging to the debtor will be sold to reimburse creditors before the debtor is discharged of remaining obligations.