India | Bankruptcy
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.
Legal Answer
You are not liable to repay. However if there is any inheritance/ pass through from our parents then that estate is liable.
www.lawconcern.com
7A Queens Court 130 Montieth Road Egmore Chennai
Chennai,india, NUS 600008
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.
www.lawconcern.com
7A Queens Court 130 Montieth Road Egmore Chennai
Chennai,india, NUS 600008
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