Transfering prop. of a running firm having loans of bank

A.K.Sherwani (Querist) 26 August 2009 This query is : Resolved
Respected sir,
is there any law transfering/changing a running firm proprietor (in relation i.e husband or husband's brother) having cash credit facility of bank's and the stock is unpaid also having no's of creditors n debitors too.

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Manish Singh (Expert) 27 August 2009
if its a proprietorship concern and you wish to transfer the business to some other person, sell it off the same to that other person with all debts and liablities under a sale deed.