Provincial Insolvency act, 1920.
pratik
(Querist) 24 June 2010
This query is : Resolved
1)As per Provincial Insolvency act, 1920 if the working,seelping or any partner(S) who has become insolvent than to realise the property of the frim to pay the debts of the firm the third party can file a suit on the firm for releasing the debts by selling the firms property under the arbirtation act.
2) I have also heard that the power of an official Assigns, Receiver of court under the Provincial Insolvency act, 1920 or Provincial Insolvency act, 1909 has the power to realise the property of an insolvent partner form the firm. So that he can be stable in this life gain as he was before.
If an case laws that pls forwared it to me or with the best suitable examples .
By reading the above mentioned line we can come to a conclusion that if the partnership firm is not registered as per the act, 1932 than also the insolvent partner can claim her/his property form the firm means he can file a suit under the firm firm name or under the individual partner(s) name also to realis e the property.
Pls clarify me if i am wrong.
Also pls tell me that what do u mean by official Assigns & Receiver of court under the Provincial Insolvency act, 1920 Also Which act is in force whether Provincial Insolvency act, 1920 or Provincial Insolvency act, 1909 ?
Thanking u all experts in advance.
