ACTION TAKEN BY THE CREDITORS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2010
there is a case where there is a reduction in the membership below statutory minimum(sec.45.)and the creditors take action for recovery from the shareholders for recovery of debts..
my query- one of the features of company is limitation of action i.e. the creditors can sue the company but not its shareholders....the company in turn will recover the amount from shareholders......in the above case will this be applicable??
my query- one of the features of company is limitation of action i.e. the creditors can sue the company but not its shareholders....the company in turn will recover the amount from shareholders......in the above case will this be applicable??
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2010
i got the answer it is because they are severally liable..
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