Dear All, Please help with thise problem,-
Bank Approval letter tells that CCH of 250lack with prime security of fully paid stocks & receivables (upto 90days) of 150lack from existing business and colat-security of 100lack property by a 3rd party guarantor with registered mortgage deed in banks favour. Facility 2 with 100lack for automotive purchase and same is taken as security along with existing trucks, luxury bus, earth movers.
Firm having 4 partners with 40:20:20:20 profit. 1 partner leaves firm for good indicating to bank. Itis more than 9 months now and bank / firm did not come back with retired partners liabilty as the firm is having good business and made a transaction/business of more than 100lack tis period. The question is, how is the retired partner liable for any of the loan default made by the firm in future assuming firm runs business or shuts-downs. Thanking You,