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Law of insolvency

(Querist) 19 June 2014 This query is : Resolved 
If an Business man (Properiator), is not able to pay his creditors and has sustained considerable loss in his business and has no assets & Debtors to pay from, what remedy is avalible to him.

Can he be declared insolvent and get immunity from all legal suites that the creditors may file to recover their dues.

What shall be the remedy if the same business man has his son as signatory and he on his own take all business decission and his son is a an employee in a Ltd company.
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ajay sethi (Expert) 19 June 2014
academic query
Nikhil (Querist) 19 June 2014
It will be helpful if anybody can help me on the same
Devajyoti Barman (Expert) 19 June 2014
He may be adjudged as Insolvent in which his son has nothing to do.

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