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From the earliest days of the United States bankruptcy law, creditors have been entitled to force a bankruptcy proceeding by filing an involuntary petition. The statutory treatment of involuntary bankruptcy varied over the years, with the required number of petitioning creditors changing with the passage of time. In an involuntary case under the Act creditors were permitted to file a petition which, if successful, permitted a seizure of the debtor's property by a trustee and the sale of nonexempt property for the benefit of creditors. In addition, the trustee was able to bring actions to avoid transfers made by the debtor prior to the filing of the petition.
- Jan 26, 2008
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