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Legal remedies if my partner in a firm cheated me
17-May-2023 (In Banking / Finance Law)
We started a partnership firm and took loan from bank, i am just a investing partner but never involved in management. Other partner cheated me by diverting the funds which led to the collapse of firm which may cause the bank default. I have absolutely no idea about firms mode of operation. How to come out safely ?
first quit from the firm and give notice about your quiting to the registrar of firms. you are liable for all the done by you untill you quits. file a case for dissolution of the partnership firm. then only you can be safe from the legal clutches otherwise your personal properties will be liable for your debts.
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Adv. Satish Kumar
Chennai | 500+ Answers
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