From Longman Business Dictionarybankruptcy petitionˈbankruptcy peˌtitionLAW when a person or business that is owed money asks a court to recognize that a business is bankrupt so that they can obtain the money, or part of the money, that they are owedIf an individual appears unable to pay his debts or has no reasonable prospect of paying, he may also face a bankruptcy petition. → petition
