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In many jurisdictions even unliquidated debts are provable in bankruptcy. (In fact, I think I am right in saying that Australia is quite unusual in imposing a general bar against unliquidated claims.) At least in Canada, however, you need a liquidated debt to have standing to petition the debtor into bankruptcy. Similarly to the decision mentioned by Mark Armstrong, it was recently held (Re 207053 Alberta Ltd (1998) 233 Alta Rep 313; 7 Can Bankr Rep (4th) 32; [1999] RLR §76) that a claim in unjust enrichment could satisfy this requirement.

Lionel

Readers might like to note the decision of the Supreme Court of New South Wales in Cashflow Finance Pty Ltd v Westpac Banking Corporation; COD Factors Australia Pty Ltd v Cashflow Finance Pty Ltd (In Liq); Star v Klyon Pty Ltd; COD Factors Australia Pty Ltd v Walters (judgement 14 May 1999)(LEXIS). One of the many issues (including, for example, constructive trusts and tracing) raised in this case is the question of whether or not an obligation to make restitution is one which is provable in liquidation (a post-liquidation obligation)? Justice Einstein answered the question in the affirmative:" A claim for restitution of money paid to or to the use of a person who has become bankrupt is a claim which is provable in a bankruptcy, because it is a liquidated demand".

Mark