Responsibilities of legal heirs - father owned a company
1 year ago
My father owned a company, and under his and my moms directorship sold some properties to multiple people. Some of those properties are lent to banks too. Sadly, he passed away last year. I wanted to know if I am legally obligated to pay off any debts. I haven’t signed any documents and all the deals were done before 2015 (My birth year is 2000). Moreover, my mother used to sign the documents just because my father told her. Is there any way out for her?
A.Dear Sir,
You are not liable for the liabilities for your father as per following principle of pious obligation.
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'Pious obligation' means the moral liability of sons to pay off or discharge their father's non-avyavaharik debts. ... The ancient doctrine of pious obligation was governed by Smriti law. There is a pious obligation on the sons and grandsons to pay the debts contracted by the father and grandfather.
Hindu Succession (Amendment) Act, 2005- Rights & Liabilities of a daughter member
Section 6(4) provides that no court shall recognize any right to proceed against a son, grandson, or great grandson for the recovery of any debt due from his father, grand father or great grand father.
Pious Obligation gone
You are not liable for the liabilities for your father as per following principle of pious obligation.
=============================================================================
'Pious obligation' means the moral liability of sons to pay off or discharge their father's non-avyavaharik debts. ... The ancient doctrine of pious obligation was governed by Smriti law. There is a pious obligation on the sons and grandsons to pay the debts contracted by the father and grandfather.
Hindu Succession (Amendment) Act, 2005- Rights & Liabilities of a daughter member
Section 6(4) provides that no court shall recognize any right to proceed against a son, grandson, or great grandson for the recovery of any debt due from his father, grand father or great grand father.
Pious Obligation gone
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A.Dear Client
Legally a company or a business entity is considered to be a "person" which can sue and be sued. All the liabilities of a company is to be paid off by the assets and revenue generated by the company and not by the individual owners unless the owners/directors have provided their personal guarantee to the bank.
Legally a company or a business entity is considered to be a "person" which can sue and be sued. All the liabilities of a company is to be paid off by the assets and revenue generated by the company and not by the individual owners unless the owners/directors have provided their personal guarantee to the bank.
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