1538. Receiving Order
If a debtor commit an act of bankruptcy, the Court may, on petition either by creditor or debtor, make a receiving order for the protection of the estate. All receiving orders to be advertised in the
London Gazette
and locally.
1539. Petition
A creditor (or creditors) cannot present a petition unless the debt (or debts) amount to £50; the debt must be a liquidated sum, payable now or at some future time; the act of bankruptcy on which the petition is grounded must have occurred within
three months
before presentation of petition; and the debtor must be domiciled in, or within a year before petition have resided in or had a place of business in, England. No petition can, after presentment, be withdrawn without leave of the Court. A creditor's petition must be accompanied by affidavits verifying the statements therein.