271 Proceedings on creditor's petition
271 Proceedings on creditor's petition

(1)     The court shall not make a bankruptcy order on a creditor's petition unless it is satisfied that the debt, or one of the debts, in respect of which the petition was presented is either—

(a)     a debt which, having been payable at the date of the petition or having since become payable, has been neither paid nor secured or compounded for, or

(b)     a debt which the debtor has no reasonable prospect of being able to pay when it falls due.

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