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Q. Unsecured Business loan enquiry

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Anonymous

posted 7 months ago

Q.Unsecured Business loan enquiry
What happens if a applicant files bankrupt and what is the liability of coapplicant

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 7 months ago

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A. ) Dear Sir,

The liability of principal borrower and co-applicant and even the gurantor is joint and several as the bank may proceed against the secured assets of coapplicant.
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Sanjay Kumar Jha

Experience: 17 Year(s)

Responded 7 months ago

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A. ) Dear Client ,
Liabilities sustain for and with the directors and the company , or partners where liability arises. The code of insolvency and bankruptcy will be followed and if the co applicant is not bankrupt, then, in that case he has to pay the liability.Hence in that case if firm or company is bankrupt with Limited Liabilities then directors or parents shall be liable only for the liability on documents on record.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 7 months ago

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A. ) Co-applicant also have laiblity to pay it

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Shreyash Mohta

Experience: 1 Year(s)

Responded 7 months ago

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A. ) In case of bankruptcy, The code of insolvency and bankruptcy will be followed and if the co applicant is not bankrupt, then, he has to pay the liability.

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