Tuesday, September 21, 2010

I am a debtor of an Insolvent firm. To whom should I pay my debts?

A vendor with whom I was having dealings went into liquidation. I owe some money to that company. Will I be discharged from my liability if another company claims that money telling that they have taken over the debts? I was thinking that on liquidation assets and liability of the old company vests with the Official Receiver.