transfer of Trade creditors by company to individual

Querist : Anonymous (Querist) 27 April 2010 This query is : Open
Sirs,

Can a Private Limited Company transfer it's Trade Creditors to an Individual? [company being a going concern]

is transfer valid under the law???

if yes under what section / Act Governing...

is there any judgment?

how the transfer to be effected...

if the creditors do not object the transfer, what are their rights against Company and against Individual.

Thanks &
Regards

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