A Partnership manufacturing company has a running CC account with OD limit from nationalized bank . The bank has given the CC and OD facility without any collateral. The Partners have however given their individual personal gurantee. The Company is in LOSS continously for more than 3 years by now. IF the partners decide to close down , then - 1. can the Bank attach the individual's property to recover their LOSS. 2. to avoid the bank attachment in such an eventuality , if the property i.e Residential House ( city prime ) is transferred to the son or daughter through a proper deed , will the Banks still have the Hold on the property.
Independant of the above , the House is under mortagage with some other financial institution