Insolvency of Partnership Firm
This query is : Resolved
Rashmi Patel
(Querist)
22 July 2009
My husband works in a private firm in Mumbai. My father-in-law runs his own auto spare parts firm, it is a partnership firm with my mother-in-law where her name is there only for records purposes, but for all practical purposes, the firm is run by my father-in-law. The firm has made huge business losses in the past 4-5 years. The creditors are calling up constantly and my father-in-law has decided to sell his house and assets to pay the creditors. However the amount will still not be enough to repay all the creditors.
I am concerned if my husband's assets can also get attached. He is not involved in the business and is a salaried employee in a firm. Please advise.
I am concerned if my husband's assets can also get attached. He is not involved in the business and is a salaried employee in a firm. Please advise.
Shyam Lal Naik
(Expert)
22 July 2009
Please post the query at www.lawyersclubindia.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
