Assets Protection under Married Woman Property Act
Why Assets Protection?
As you know that business involves a lot of risks like change in technology, change in govt. rules and regulations, recession, competition, any wrong decision taken, the rise in contingent liabilities, uncertain demise of the key person etc.
Sometimes, business liabilities rise to such an extent that it reaches the stage of insolvency. In this situation, under the law, the court has the authority to seize all business and personal assets owned by the owner to pay off the creditors and lenders.
Cases like Kingfisher Airlines, Rotomac, Daewoo Motors, Sahara, Supertech, Nirav Modi etc. are some known examples.
At that time, the financial crisis occurs and there’s no fund to start a new business.
Ther’s is only one solution that to take :
LIC’s Policy under MWP Act