Petition: Canada Debt .ca defines Petition

Bankruptcy Term Petition

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Canada Debt has the definition to the bankruptcy and debt term Petition. Finding answers to terms such as Petition can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Petition in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Petition' is used as follows:

The application made under the Bankruptcy and Insolvency Act for the Court to hand down a Receiving Order (Bankruptcy Order) stating the person is in bankruptcy. In an amendment dated December 15, 2004 this term was changed to Application for a Bankruptcy Order.