Bankruptcy And Insolvency

Bankruptcy And Insolvency

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Most-preferred legal service provider for Bankruptcy And Insolvency in India. Get the legal support and guidance you need today!

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About Bankruptcy And Insolvency

Bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of an individual or business which is incapable of paying their bills. For example, if a company has assets worth ?1crore and has debts worth ?50 crores, they may file for bankruptcy. 

The court must then decide whether to discharge the debts in order to discharge the legal liability to pay them i.e. free them from payment. Bankruptcy laws were written to give those whose finances collapsed a chance to start over. Whether it was poor business tactics or bad luck, lawmakers observed that in a capitalistic economy, consumers and businesses who failed needed a second chance. Furthermore, the economy of the country suffers if insolvency and bankruptcy laws are not properly checked.

Under the Provincial Insolvency Act, you can file for bankruptcy if you are unable to repay a debt greater than ?500. After analysing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the debtor. Once your application is admitted, your property vests with the “receiver" appointed by the court. 

The official then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the court. Once this process is completed, you will be “discharged from bankruptcy" by the court, giving you the opportunity to build your finances again.

Documents Required

  • Self Attested PAN Card copy
  • Self Attested copy of any one of the Identity Proof(Voter's ID/Passport/Driver's License)
  • Self Attested copy of Address Proof in the name of director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
  • Passport-sized photograph
  • Rent Agreement (Notarised: For rented property)
  • Sale Deed/Property Deed in English (in case of owned property)
  • No-objection Certificate from property owner
  • Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
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