Respected members, hoping I can find some help here
I was running a partnership (50-50 unregistered at will partnership deed) with someone over the last 10 years. Now a few weeks ago I lost my partner due to natural death. Since a few years our company has been running in loss and amassed huge liabilities against various creditors including Banks (property mortgage and overdraft etc.) along with reduction in business revenues.
The wife and children of my partner are now demanding compensation from me for their general maintenance including a large one-time payment towards settling some personal debts of my late partner. They are saying that they will ONLY provide me consent to continue with the company if I provide the amounts claimed. However I am in no shape to fulfill these demands and since our company stands naturally dissolved, the best course of action for me looks like filing for insolvency. Kindly suggest or provide some guidance on the below points:
1. The heirs and legal representative of my late partner do not want to join as partner because the firm is running in losses of crore of rupees. If they do not allow me to continue the business than can any court permit me to run the business in the interest of safe guard of our creditors and my family's livelihood?
2. If the above answer is NO, since the partnership/company is dissolved, there is no possible way for me to clear my liabilities and in this case can I file for insolvency alone on behalf of the company?
3. Can my late partner's wife stop or obstruct my bankruptcy procedure in any way?
4. How long does the bankruptcy process generally take?
5. Will the liquidator have any right over our personal belongings like furniture/jewellery etc?
6. Does the court/liquidator have any right over property in my wife's and father/mother's names?
7. What will be my future if the court grants bankruptcy? Can i start new business as proprietor or partnership with any one else in my own name?
8. Will the heirs and legal representatives of my late partner have any right on any new venture I begin after being granted bankruptcy?
Thanks in advance for your responses...