Write off debts when the legal case is filed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2013 Dear Sir,
If a debt recovery case is filed in the court for the outstandings on account of sale of company products against the defaulting party can we.......

1 ) write off such debt since the debt is more than 5 years and the case is on going.

2)if Yes, will this casue unjust enrichment if we later on receive money from the defaulter against the writeoff debts.

Please advise.

Rupesh Jain

Rupesh Jain (Expert)
Follow

19 June 2013 R/SIR
DURING CASE PROCEEDING COURT DEMAND YOU YOUR LATEST B/S AND A/C STATEMTN OF PARTY THAT YOU ARE REAL CREDITORS OF THAT PARTY.

IF YOU WRITE OFF . THEN YOU FACE ABOVE PROBLEM.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now