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Partner invested in business am I liable to pay my partner for loss
31-Jan-2023 (In Recovery Law)
Sir my partner brought 10lac into business keeping his asset and we underwent loss ..now he is asking me to pay 50% to pay his debt back... but an bankrupt. ..I really Don have any assets in my name..what shud I do if he goes legal
This would depend on the business structure that you had and the understanding between the two of you. If you were working as partners then you may be liable to repay the debts owed by the partnership. It would be best if you sought legal advice on the matter as going into all the details of your case would be required. You could however as a precautionary measure file a caveat which will prevent any ex-parte orders (and order passed against you without your presence) from being passed against you in court. Feel free to get in touch with the LawRato team for further assistance.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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