liquidation

Querist : Anonymous (Querist) 20 March 2011 This query is : Resolved
Dear sir,s
Iam a bussiness man, taken loans from bank,nbfc and private money lenders from last two years I have incurred huge losses hence paid interest to all by taking further loans now all my resources are over Iam not in a position to service the interest and capital repayment is impossible, the house iam living is also mortageged.All loans have my personal guarantees as director in one company and as a proprietor of one company.
Please suggest me a solution in which atleast my family is not effected.
with warmest regards

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Devajyoti Barman (Expert) 20 March 2011
File a case for adjudging yourself as Insolvent under Provincial Insolvency Act.

Querist : Anonymous (Querist) 20 March 2011
where and how to do this also what are the benefits and difficulties,
regards

Devajyoti Barman (Expert) 20 March 2011
Engage a lawyer , he would brief you all about this.

Querist : Anonymous (Querist) 20 March 2011
Thanks a lot also should u have a suggestion pls update me. Regards

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