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Additionally, on top of losing all of one's property, the unfortunate debtor also lost his freedom and was subject to imprisonment for failure to pay his debts.
This left the family of the debtor in the position of having to pay the debts in order to obtain the release of the debtor.
NOTE: YOU THAT IS ABOUT TO APPLY FOR THIS LOAN MUST HAVE Trust, Courage, Faith.
COS THEY ARE THE KEY TO ANY TRANSACTION IN THIS WORLD OK!!
India does not have a clear law on corporate bankruptcy even though individual bankruptcy laws have been in existence since 1874.
The current law in force was enacted in 1920 called Provincial Insolvency Act which consists of Chapter 7 and chapter 13 bankruptcies.
Declare bankruptcy, take the assistance of the law and discharge your loans and live life honorably. and today’s law clearly demarcates the business/company’s assets from the personal assets…
But have you noticed one thing in common among all these defaulters…. I agree that in traditional societies like India, being fired from the job or failure in your latest venture makes you the center of the town gossip… you have responsibility towards your family, your kids and killing yourself/banker does not solve the problem. you will be surprised to know it coming from unlikeliest of the places.In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.Once you start the bankruptcy proceedings, the bank will audit you, you might be asked to visit the court/negotiation table a couple of times… I'm bankrupt and income tax is behind me with a penalty of 40,00,000...i was managing with my creditors and was pushing along but bcoz of IT now i have only one option insolvency..WHY NOT ALL INSOLVENT PEOPLE FORM A FORUM AND TAKE GOVERNMENT HELP AND START BUSINESS TOGETHER ..