92 The debt

The basic element of a creditor’s petition is the debt. In general terms, this means an obligation owed by one person, referred to as the debtor, to pay a liquidated sum of money immediately or at some future but certain time to another person, the creditor. However, in the context of the Insolvency Act 1986, a debt may be present or future, certain or contingent, and its amount may be fixed or liquidated or capable of being ascertained by fixed rules or as a matter of opinion1. Out of this wide category of debts, only

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