petition in bankruptcy

petition in bankruptcy. A formal written request, presented to a bankruptcy court, seeking protection for an insolvent debtor. • The debtor (in a voluntary bankruptcy) or the debtor’s creditors (in an involuntary bankruptcy) can file such a petition to initiate a bankruptcy proceeding. [Cases: Bankruptcy 2257, 2290. C.J.S. Bankruptcy §§ 51, 57.]

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词条贡献者

双语律师William，国内知名法学院金融专业，擅长翻译各类与投资基金、投资顾问及金融衍生工具相关的法律文件。