Liability of company

Rachna (Querist) 03 May 2010 This query is : Resolved
A company enters into an agreement to sell its assets with a buyer and accepts a part payment from the buyer.Company agreed that in case of default by the company it will pay double the amount.Company has accepted its liability also. my query is that will the amount which the company has now to pay to the buyer in any circumstances be covered under 'Debt'. i mean to say some how we have to prove the payable amount to be a debt on company towards the buyer.pls help me.Do refer case laws, laws, rulings etc

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ESTHERPRIYA (Expert) 03 May 2010
Write a legal notice or and get from the company in writing that they owe a legal debt towards you and then it assumes the character of a legal debt

Rachna (Querist) 03 May 2010
we are from company side and somehow we have to prove that the amount payable by the company is a debt over the company

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