What is bankruptcy?
The legal condition or state of an individual, business entity or any other working group or organized body where they are incapable of returning or servicing their debts that are taken from creditors is called bankruptcy.
Bankruptcy is many a time initiated by the debtor if the other party is unable to return their specified or borrowed amount. It is a legal process and is declared by a court order or legal proceeding. Sometimes bankruptcy is misunderstood as insolvency but this is not true. A person or an entity that is insolvent may not necessarily be bankrupt.
What is bankruptcy claim form?
The process of declaring bankruptcy can be carried out through the submission of the bankruptcy claim form. This claim form is a special document that helps an individual or an organization to file a case of bankruptcy in the court of law. It enables the submitter to register a legal claim against the assets and wealth of bankrupt company.
The claimant needs to fill in all the relevant information asked in the bankruptcy claim form and provide any additional documentation or proof of the claim. These requirements will be established by the court of law in the jurisdiction where the company of individual is located. The form will require the claimant to provide basic information about name, address, date of incorporation, date of submission and so on. Along with this, there may be requirements of providing proof of assets owned by the bankrupt individual or company and their current where about.
Bankruptcy Claim Form
Microsoft Word document file | File size 246 KB | Download
The file can be download in OpenOffice format (.odt)
File size 20 Kb | Download