Insolvency petition

Querist : Anonymous (Querist) 26 March 2010 This query is : Resolved
One of my friend's father has borrowed some loans from few individuals. He is not in a position to pay back and thinking of filing an insolvency petition. He is not having any major assets to repay the loans. I understand that all the loans have been taken by him during the last 2-3 years only.

My friend is working in a town away from his father. He did not know that his father has borrowed that large amounts.

My query is whether my friend is in any way liable due to his father's loans due to this insolvency petetion being contemplated by his father.

Request you to please reply urgently.

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