Chapter 20 - Bankruptcy law. At the end of this chapter you should understand: the objectives of bankruptcy law, the advantages and disadvantages of bankruptcy from the perspective of the creditor and the debtor, how the Bankruptcy Act 1966 (Cwlth) is administered, the difference between a debtor’s petition and a creditor’s petition, | Lecture Fundamentals of business law (4th): Chapter 20 - Margaret L. Barron, Richard . Fletcher