Greetings Advisors, My father passed away recently and am seeking your expert advice. In this regard, he was running an X construction company as a proprietor (my father - A) + a partner (B). The X firm has got into a Joint Development Construction Project where the same document states as "Y Landlord is into an JD agreement with X construction firm represented by its proprietor - A + B" to construct apartments with a share of 50%. Henceforth, A+B considered as Developers who would build and sell units. Any liabilities to such project would be the responsibility of the developers. The project is currently at 60% complete. The accounts of the project has not been maintained properly.
1. Would me and my mother be held responsible for any liabilities arising due to my fathers death ?
2. Could we orally state that we are not interested in Legal Heir and would that stand legal. If not, what are the things to be taken care if we want no part as Legar Heir.
3. Can Partner B use a legal action against us if we disagree to be legal heirs? What are its implications?
4. My father has issued blank chequess to various private lenders as security. - Are we liable to repay debts made by my father that I am not aware of.
5. Even before we become legal heirs, can me and my mother provide all rights to Partner B to continue business under a different name, take over all liabilities and accept a consideration amount as efforts put in by my father. Can we provide all rights to Partner B and how?