| Commentary

96 Minimum debt—the ‘bankruptcy level’

| Commentary

96 Minimum debt—the ‘bankruptcy level’

A creditor’s petition may only be presented on a total debt which exceeds the bankruptcy level (£5,000)1, but more than one debt may be relied upon for the purpose of petitioning2. Accordingly, so long as the total sum owed amounts to the bankruptcy level or more, debts of any size may form the basis of a statutory demand. The total debt of at least that level must remain due at the date of presentation of the petition. Accordingly, the debtor may pay the debt or reduce it to less than the

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