Winding up of the trust

HARISH KUMAR (Querist) 02 October 2011 This query is : Resolved
ONE OF MY CLIENT SUPPLIED GOODS AND SERVICES TO THE TRUST. The Trust is unable to pay the credit. Whehter the creditor can file petition before the Commissioner , to wind up the trust , so as to recover his dues. Kindly send me the draft copy also. I am student of CA Final year and are working under legal lawyers since 12 years.

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R.Ramachandran (Expert) 02 October 2011
There are no provisions for winding up of a trust, for its inability to pay its dues.

Raj Kumar Makkad (Expert) 02 October 2011
You file a civil suit for recovery and obtain decree which can be got executed within next 12 years.

prabhakar singh (Expert) 02 October 2011
ASTONISHED I AM YOU DID NOT ASK YOUR SENIOR LAWYER.
Any way no binding up can go for your debt realization cause.
you have two options:
1]to file a suit of recovery;or
2]to get adjudged the trust insolvent under provincial insolvency Act.

Sailesh Kumar Shah (Expert) 04 October 2011
File Civil Suit for recovery.

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