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Unsecured Loan

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(Querist)
27 March 2009 If a Pvt. Ltd. Co. take over a partnership firm with all assets and liabilities along with the unsecured loans, then what will be the status of such unsecured creditors, because a Pvt. Ltd. Co. can take unsecured loans only from its members while after taking over the business of partnership firm, such unsecured loan become the liabilities of the Company.
then what has to be done in that situation?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
03 April 2009 Allot one share to each unsecured loan person or company. It will solve your problem.
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