Insolvency Act,2006 (ACT 708)

Section 9(1) A petition maybe presented in respect of a debtor by anyone or more of the creditors, if the indebtedness of the debtor to the petitioner, or the petitioners collectively, in liquidated sums of money payable immediately amounts to at least one hundred million cedis and if,(a) the debtor has, within the preceding three months, suspended payment or given notice to a creditor that the debtor has sus¬pended, or is about to suspend, payment of the debts; or(b) the sheriff has, within the preceding three months, and in pursuance of a writ offieri facias issued in the Republic in respect of the debtor, taken possession of a property of the debtor and sold the property or retained it for at least twenty-one days; or (c) a creditor is entitled to proceed with the execution, by means of a writ ofjieri facias issued or issuable in the Republic, of a judgment or order obtained against the debtor not less than seven days previously.(2) Where a petitioner is a secured creditor,(a) the value and description of the security shall be specified in the petition; and(b) for the purpose of applying the one hundred million cedis limit under subsection (1), the amount of the secured debt shall be reduced by the value of the security as specified.

Procedures to Follow

Not Avaiable

Responsible Institution

Registrar Generals Department


Fees / Charges

Not Avaiable