Bancruptcy note

Bankruptcy note – this legal phrase is used in the Bankruptcy Law in some countries. It details an official notification served to the judgment debtor for making a voluntary payment of their debt towards the judgment creditors in stipulated deadlines. This usually happens on the base of previously issued execution list (a writ or execution order) by the court in favor of the judgment creditor. If the judgment debtor does not pay voluntary, the bankruptcy note warns him/her that their creditors may submit bankruptcy petition. So the debtor may go into bankruptcy and their assets – used for the satisfaction of their creditors.

See also “Insolvency”

See also “Liquidation”

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