ADVANCE PAYMENT Proprietor DIED

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30 Points Posted on 22 April 2021
We took advance from a firm of huge amount now the proprietor has died.What should we do next?
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On 22 April 2021 at 14:12 Report
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Quick Summary
If the proprietor of a firm from whom you received a substantial advance payment has passed away, you are legally obliged to repay the amount. This repayment should be made to the deceased's legal heirs or an authorised representative. If no one comes forward to claim the funds, you must return the amount, potentially with applicable interest, to the official assignee.

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Chartered Accountant
24588 Points Posted on 22 April 2021
You have to repay the amount to the legal heirs of the deceased person
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On 22 April 2021 at 14:19
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30 Points Posted on 22 April 2021
If no one is there to claim
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On 22 April 2021 at 14:20
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CMA
93 Points Posted on 22 April 2021

you have to return the amount (with the interest, if applicable) to the official assignee/authorized person

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On 22 April 2021 at 14:28
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Chartered Accountant
24588 Points Posted on 25 April 2021
Yes, pay to his authorised heir
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On 25 April 2021 at 06:15
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2742 Points Posted on 25 April 2021
You have to legal heir or authorized person
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On 25 April 2021 at 10:32

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