A creditor may wish to petition an insolvent company into bankruptcy for several reasons. Please feel free to contact one of our LIT’s to discuss the pros and cons of your particular situation.
The costs of the filing the petition and the Trustee’s costs to administer the bankruptcy may be borne by the petitioning creditor.
The duties of the Trustee are set out in the BIA and are the same as in a voluntary bankruptcy.
For further information on bankruptcies, please contact a member of our corporate team.