(1) A creditor may apply for a bankruptcy order against a debtor if—

1. the debtor commits a default in respect of a debt owed to such creditor;
2. the application is not in respect of an excluded debt;
3. no insolvency resolution process is pending against the debtor; and
4. no bankruptcy order is subsisting against the debtor.

(2) The application under sub-section (1) shall be in such form, containing such particulars, and accompanied by such fee as may be prescribed.