Part IInsolvent Petitions

1 Petitions to the Common Law Division

A creditor having an unsecured claim of £20 or upwards may present a bankruptcy petition to the Common Law Division of the High Court against an insolvent debtor.

2 Sequestration of Estates

The court may order the Coroner to take possession of and sequestrate all goods, chattels, credits, and papers belonging to the debtor for equitable distribution among creditors.

Part IIDebt and Exemptions

3 Protection of Necessary Tools

The wearing apparel and bedding of the bankrupt and his family, together with tools of his trade to a value not exceeding £20, shall not be liable to sequestration.

Part IIIGeneral

4 Citation

This Act may be cited as the Isle of Man Bankruptcy Act.