Bankruptcy declaration

What Are the Conditions for Declaring a Trader Bankrupt?

To issue a judgment declaring a trader bankrupt, it is required that:
The trader has ceased payment of a due, certain, and undisputed commercial debt;
This cessation of payment indicates financial instability that affects the trader’s creditworthiness.
It is not sufficient for the trader to merely refuse payment if there exists a serious dispute regarding the debt.
Supreme Court
Appeal No. 108/2005 – 
Session dated 19/10/2005