insolvency petition

Querist : Anonymous (Querist) 26 April 2011 This query is : Resolved
HEAVY LOSS IN MY BUSINESS, AND I AM UNABLE TO REPAY BANK LOANS AND ALSO FOR CLIENTS.
APART FROM BANK LOANS I HAVE ALSO BORROWED MONEY FROM FRIENDS.
I HAVE NO OTHER GO THAN GOING FOR AN INSOLVENCY PETITION.
WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF FILING AN INSOLVENY PETITION?

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M.Sheik Mohammed Ali (Expert) 26 April 2011
you can file insolvency petition at court, you will safe from such in cases cheating, and breach of trust, in ipc section from punishment, and save your property as per agreement of business.

DEFENSE ADVOCATE.-firmaction@g (Expert) 26 April 2011
You will not be able to borrow again . But still you can not escape criminal actions.

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