Bankruptcy process for personal guarantors enables creditors to apply for adjudication and propose an insolvency professional. Form B prescribes a creditor's application to initiate bankruptcy proceedings against a personal guarantor, requiring full particulars of applicant and guarantor, a detailed statement of the debt (including default, security and supporting documents), declaration on excluded debts, and whether a secured creditor will relinquish security. It mandates attaching prior insolvency process records, documentary proof of debt and default, and, if proposed, a declaration by the insolvency professional confirming registration, eligibility, disclosures and willingness to act as bankruptcy trustee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bankruptcy process for personal guarantors enables creditors to apply for adjudication and propose an insolvency professional.
Form B prescribes a creditor's application to initiate bankruptcy proceedings against a personal guarantor, requiring full particulars of applicant and guarantor, a detailed statement of the debt (including default, security and supporting documents), declaration on excluded debts, and whether a secured creditor will relinquish security. It mandates attaching prior insolvency process records, documentary proof of debt and default, and, if proposed, a declaration by the insolvency professional confirming registration, eligibility, disclosures and willingness to act as bankruptcy trustee.
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