Law of Insolvency : # Insolvency means unable to pay his debt. # It is also called bankruptcy. It is latin word bancus + reptus which means a bench + broken. #The broken bench of the merchant whose creditor become angry due to to non payment of dues. # it is one of the condition that leads to company to get dissolved. # The state of company in which the liabilities exceed total assets of the company is treated as insolvency. # According to Black Law Dictionary " Insolency means two condition of being unable to pay debt or in the usual course of business. #The nepalease Insolvency Act 2063 sec 2(b) "beiming unable to pay, or appearing to unable to pay any orall of the due debts due, and payable or payable in the future to creditiors or sitituation where the ammount of liabilities of company exceeds the value of the assests." # no legal person can be insolvent unless a competent court declares him an insolvent. # The factor of insolvency are : +Applicable to company ( legal person ) +should be business transaction + sufficient grounds or proofs that suffereed from financial difficulty. +show either balance sheet test or by class flow test. The law of insolvency is basped on two principal I) Relives him from all his past. II) To protect the insolvency from harresment of creditors.
Law of Insolvency :
# Insolvency means unable to pay his debt.
# It is also called bankruptcy. It is latin word bancus + reptus which means a bench + broken.
#The broken bench of the merchant whose creditor become angry due to to non payment of dues.
# it is one of the condition that leads to company to get dissolved.
# The state of company in which the liabilities exceed total assets of the company is treated as insolvency.
# According to Black Law Dictionary " Insolency means two condition of being unable to pay debt or in the usual course of business.
#The nepalease Insolvency Act 2063 sec 2(b) "beiming unable to pay, or appearing to unable to pay any orall of the due debts due, and payable or payable in the future to creditiors or sitituation where the ammount of liabilities of company exceeds the value of the assests."
# no legal person can be insolvent unless a competent court declares him an insolvent.
# The factor of insolvency are :
+Applicable to company ( legal person )
+should be business transaction
+ sufficient grounds or proofs that suffereed from financial difficulty.
+show either balance sheet test or by class flow test.
The law of insolvency is basped on two principal
I) Relives him from all his past.
II) To protect the insolvency from harresment of creditors.
yakdamai ramroo bujhae rahyoo sir danyabadh aavar garxu
Sir nepali ma note xaina esko pathaidinuna
🆗🆗♥️ nice