Suppose the business has total assets worth Rs. 450,000/- and total liabilities of Rs. 800,000/-.
Mr. Ali has the personal property of Rs. 200,000/- and Mr. Yasir has the personal property of
Rs. 125,000/-. In case the business is liquidated and declared as bankrupt, up to what extent
Mr. Ali & Mr. Yasir will pay from their personal property to satisfy the creditors’ claim? You
are also required to discuss the possible treatments if any of them is unable to pay from
personal property
1 answer
Nothing