Law of insolvency

Nikhil (Querist) 19 June 2014 This query is : Resolved
If an Business man (Properiator), is not able to pay his creditors and has sustained considerable loss in his business and has no assets & Debtors to pay from, what remedy is avalible to him.

Can he be declared insolvent and get immunity from all legal suites that the creditors may file to recover their dues.

What shall be the remedy if the same business man has his son as signatory and he on his own take all business decission and his son is a an employee in a Ltd company.

Follow Query

Report Abuse