India  |  Bankruptcy

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11/02/09, 1:24 pm

Legal Question


Greetings.I am a medical professional.My father and my brother incurred extremly huge losses in the business they ran in which I had no association what so ever. As a result they sold all the undivided properties which were in my father's name to settle large portion of debts. As still more debts remained they filed insolvency. I have never been associated with their business/financial dealings in any manner as guarantor or co-signator or otherwise. One of the creditors has pleaded in the court that the dues should be recovered from me from my professional earnings. Am I legally responsible in this case? Please take time to reply.


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11/02/09, 7:23 pm

Legal Answer


You are not liable to repay. However if there is any inheritance/ pass through from our parents then that estate is liable.

Seshadri Srinivasan

www.lawconcern.com
7A Queens Court 130 Montieth Road Egmore Chennai
Chennai,india, NUS 600008

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11/02/09, 8:50 pm

Legal Answer


Please read my answer as below:

You are not liable to repay. However if there is any inheritance/ pass through from your parents then that estate is liable.

Seshadri Srinivasan

www.lawconcern.com
7A Queens Court 130 Montieth Road Egmore Chennai
Chennai,india, NUS 600008

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