what is IP? if the assets were with company how can it be transferred in name of son in law . ? how were assets transferred ? what are contents of the notice .? need complete details of case to advice . contact a local lawyer .
Money from son-in-law
A company had been member of a 30 lakhs chit , and after auction of the chit, the amount was taken by the company. The problem is now the company had been closed and had applied for IP. All the assets of the owner had been transferred to his son-in-law name. The chit-fund company had issued a notice through court for repayment of the amount. The notice was issued to the guranteer(surity) . I would like to have an advice from you how to get the amount from his son-in-law.
Asked 10 years ago in Business Law
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4 Answers
Did you mean Insolvency Petition by IP? The transfer of assets could be a part of the strategy to avoid being held liable by the court for the repayment of the amount. How much time has elapsed since the transfer of assets? Was any stay order applied for by any one? What is the nature of notice issued to the guarantor? Was the initiation of any legal action warned by such notice?
Sorry , he did not apply for any IP , but company was closed . When asked owner he is not even responding to our problem and even not worried about our problem.
Asked 10 years ago
Any person who had invested in the company can now take recourse to law to recover his money from the company. If the assets have been transferred to his son by the owner then a case for recovery can be filed against the owner and the son.
you must take inspection of documents with Registrar of companies . check last 3 years audited accounts of the company . what are its assets and liabilities . go through the annual report of the company to its shareholders .
.you have not answered out query as how assets were transferred by company to son in law . was it in repayment of debt?