Merits- Demerits of the Insolvency...

Querist : Anonymous (Querist) 14 January 2011 This query is : Resolved
Kindly provide me the merits & demeits of the Insolvency ?

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Amit Minocha (Expert) 14 January 2011
it depends from defaulter to defaulter

Y V Vishweshwar Rao (Expert) 15 January 2011
The said person has to take a decision to file Insolvency Petition - as it is the last legal step to him - when he is not able to pay the dues to his creditors !

It will adversely effected his personality and some other disqualifications !

G. ARAVINTHAN (Expert) 15 January 2011
No one can do any legal thing for recovery from Insolvent. Even no police complaint can be filed as per law

No legal action can be made by the Insolvent.
EVEN HE CANNOT PURCHASE ANYTHING IN HIS NAME