| Commentary

75 Introduction

| Commentary

(2) BANKRUPTCY

A: STATUTORY DEMANDS

75 Introduction

In order to obtain a bankruptcy order based on a creditor’s petition, it is necessary to demonstrate to the court that the debtor is unable to pay his debts, or that there is no reasonable prospect of his being able to pay his debts which must exceed, in the aggregate, the bankruptcy level1. Proof of inability to pay must be established by demonstrating that the debtor has failed to comply with a statutory demand or that execution or other process issued in respect of a debt based on a judgment or

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