Bankruptcy Notice - Definition - Law Dictionary Home Dictionary Definition bankruptcy-notice

Definition :

Bankruptcy notice, a notice (taking the place of the 'debtor's summons' (see that title) under the (English) Bankruptcy Act, 1869) to pay a judgment debt for any amount, non-compliance with which notice within a limited time amounts, by s. 1(1)(g) of the (English) Bankruptcy Act, 1914, to an 'act of bankruptcy.' The notice may be given by any creditor who has obtained a 'final judgment' or 'final order,' and if the debtor does not within seven days of service of the notice, if served in England, either comply with its requirements or satisfy the Court that he has a cross demand equalling or exceeding the judgment debt, and which he could not set up in the action in which judgment was obtained, he commits an 'act of bankruptcy' (see that title). Two or more debts cannot be included in one notice. A substantial defect in the notice cannot be amended [Re a Debtor, 1908 (2) KB 684].