Insolvency
virender mahajan
(Querist) 23 February 2013
This query is : Resolved
Dear sir.
If a person father is adjuged as insolvent .then person father has no capacity to contract as per contract act .my question is whats other effects of person declared as insolvent as per indian law . If person father is declared insolvent then whether son is also treated as insolvent as per indian law.
ajay sethi
(Expert) 23 February 2013
no son is not treated as insolvent
prabhakar singh
(Expert) 23 February 2013
Mr.Sethei is right.
Son remains with status of his person.
virender mahajan
(Querist) 23 February 2013
Pls answr in my above said query about whats effect of person being declared insolvant by court.whats difference between bankcruptcy and insolvency.
ajay sethi
(Expert) 23 February 2013
On the passing of an order of insolvency, all the properties of the insolvent, wherever situated, shall be vested in the official Assignee, for its realization and distributed among the body of creditors. One of the important effect of vesting is that the insolvent cannot deal with his property. No buyer from the insolvent can get a good title.
virender mahajan
(Querist) 23 February 2013
Difference between insolvency and bankcruptcy
prabhakar singh
(Expert) 23 February 2013
Bankruptcy is simply incapacity to pay or discharge a debt and such bankruptcy when gets adjudicated by court after evidence,the same becomes insolvency and bankrupt becomes insolvent.
Anirudh
(Expert) 23 February 2013
Dear Mr. Prabhakar,
Soon be ready to give answer to yet another query, what is the difference between a pauper and an insolvent!
prabhakar singh
(Expert) 23 February 2013
HA HA!RIGHT YOU ARE MR. ANIRUDH?
BUT WHAT IF ONE ASKS WHAT IS DIFFERENCE BETWEEN A PAUPER AND INDIGENT?
