Petition for Involuntary
Insolvency PETITION COMES NOW the petitioners
through the undersigned attorney, and unto this Honorable Court,
respectfully allege: 1. That they are merchants
engaged in business in _____________________, 2. That the debtor,
_______________ , is a resident of ______________________, province of
_______________, within the jurisdiction of this court; 3. That the petitioners are
creditors of the said ________________________ in the aggregate sum of (not less than one thousand
pesos), all of which accrued in the 4. That none of the petitioning
creditors is a creditor by assignment within thirty days prior to the
filing of this petition; 5. That the debtor,
___________________, has committed the following acts of
insolvency: (Here state any of the acts of
insolvency 6. That the petitioners are
willing to put up a bond with sufficient sureties in such sum as this Hon.
Court may fix, to answer for all costs, expenses, and damages occasioned
by these proceedings, should this petition be found to be without
merit. WHEREFORE, your petitioners
pray that, upon the filing of a bond in such sum as this Honorable Court
may fix, conditioned as required by the Insolvency Law, an order be
issued: (a) Requiring the above-named debtor to show cause at a time and
place to be designated by this Honorable Court why he should not be
adjudged an insolvent debtor, (b) forbidding the payment of any debts, and
the delivery of any property belonging to such debtor to him or to any
other person for his use or the transfer of any property by him; and (c)
that after notice and hearing, he be adjudged insolvent, and his property
administered for the benefit of his creditors, in accordance with the
provisions of the Insolvency Law. ________________________________________
mentioned in Sec. 20, Act No. 1956)
__________ , __________________________ , 19_____.
(Attorney for
Petitioner)
___________________________
(Address)