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You mean for someone, including a company, or a group of people (like a creditors group), to ask that you be declared involuntarilarly bankrupt, rather than voluntarilarly filing on your own? First, this is uncommon.
As long as you owe them money or services and haven't paid as agreed, they can ask. In fact, the longer the time, and the more they were patient the easiest would be.
Consider it is uncommon because bankruptcy provides protection to YOU the debtor, not the creditor...the creditor normally doesn't want it's debtors to go bankrupt as, unless the debtor has many assets and isn't paying intentionally, they creditors may get paid some, but generally much less than they are owed.
What else can I help you with?
What does a incorporated business not active mean?
it means that they are bankrupt and no longer in business.
What does a business recovery company do?
Business recovery companies are designed to get bankrupt or almost bankrupt companies back to their feet. They usually get somehow involved in the business they save, for example take ownership of the company.
What is another word for running a business into the ground?
bankrupt
Can a bankrupt person sign a lease for business?
yes they can
What does bankrupt mean in a sentence?
His business went to the dogs and he was declared bankrupt. He was unable to pay his debt and was declared bankrupt. His creditors got nothing as he was declared bankrupt.
Where do you send Harold Powell credit card payments?
Not sure if you ever heard but Harold's went bankrupt and out of business around that time.
Why is survival important in business?
if you bankrupt, you'll loose your buisness.
How did Antitrust laws affect big business in the 1920s?
it caused most business to go bankrupt
Is National Media Corp.still in business?
This company went bankrupt in 1998.
Can a bankrupt person start business the next day he filed bankruptcy?
In general, a bankrupt person can start a business the next day they filed for bankruptcy. However, they may face certain restrictions and considerations. It is important for the bankrupt person to consult with their bankruptcy attorney to understand any limitations and requirements related to starting a new business after bankruptcy.
Can a bankrupt start a new company?
In the UK a bankrupt cannot carry on a business. However, after twelve months of restriction, and provided no adverse behaviour on the bankrupt's part has taken place, a discharge is issued by the Court After discharge a bankrupt can carry on, or start, a business without the restrictions that applied during their bankruptcy. And, provided they are not subject to a separate disqualification order, a discharged bankrupt can also act as a director of a limited company or be involved in its management.
What does limited liablitlty mean?
In business terms it means that the owners of the business (ie shareholders) are not liable for the businesses actions. Basically, if the business were to get in debt, and become bankrupt, it would not make the owners bankrupt, just the company. The owners and the company are separate in the eyes of the law.
