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of <h1>Section 129: Bankrupts Must Submit Financial Statement to Trustee Within 7 Days of Order, Following Prescribed Format.</h1> Section 129 of the Insolvency and Bankruptcy Code, 2016 mandates that when a bankruptcy order is issued upon a creditor's application, the bankrupt individual or firm must submit a statement of financial position to the bankruptcy trustee within seven days from the commencement date. This statement must follow a prescribed format. If the bankrupt entity is a firm, a joint statement from all partners and individual statements from each partner are required. The bankruptcy trustee can request additional written information to clarify or amend the submitted financial statements.
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