128. Grounds of creditor's petition.

A creditor's petition1 must be in respect of one or more debts2 owed by the debtor; and the petitioning creditor3 or each of the petitioning creditors must be a person to whom the debt or, as the case may be, at least one of the debts, is owed4.

A creditor's petition may be presented to the court in respect of a debt or debts only if, at the time the petition is presented:


    (1)     the amount of the debt, or the aggregate amount of the debts, is equal to or exceeds the bankruptcy level5;