Does pending case status change if firm is transferred?
i have a proprietorship firm. I have filed recovery cases from debtors. Due to my ill health, i want to transfer my proprietorship firm to my wife. Will it change the status of cases if i transfer the firm to my wife or convert into a private limited?
You may execute power of attorney in the favour of you wife till the cases are ongoing.
In the Power Of Attorney, you can transfer rights to her so as to not to create conflict of interest.
However, you will have to ensure all the rights are properly transferred in her name, so as to enable her to execute all the responsibilities in your absence including court appearances in specific.
Send a legal notice for recovery of dues @ Rs. 1999/- only
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Can I become manager in my own trust and draw salary
- distribution of ancestral property in hindu religion
- Builder did not finish the project at time what rights do we have?
- Can mother sell diseased father's property without informing son ?
- Asked to pay fine in motor accident case what will be next step