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Father ran proprietor Company on my name and Fled away with Debt


03-Aug-2023 (In Banking / Finance Law)
He use to run the proprietor company while I use to study in different state. The company has 20Lakh debt (including GST) and recently during finishing my engineering I got to know that he has fled away and all this things he was doing on my name. I have just finished my studies and I'm really scared about this. I really don't know what to do. Please help. In desperate need of advice.
Answers (3)

Answer #1
532 votes
If you are in contact with your father or know his whereabouts, then try to contact him and ask him to clear all mess. Since, you were studying during the period with your zero involvement about any of his business then we can represent it accordingly. All the liability which he have incurred will be paid off by selling his properties. Still need to verify every details about his transaction patterns, then only will be able to advise in right direction.
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Answer #2
1000 votes
Nothing to worry, if you were not aware about loan transactions then you can very well disown the liability and defend action of the Bank. You can also take defense about contractual ability to enter into contract and claim that acts of father are not binding upon you.
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Answer #3
773 votes
Even Proprietaryship is in your name, most important thing is that by whose signature transactions were carried? If you had not signed ant bills and Invoice you can claim and make counter blasts. And move further with your case.
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