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Bill Of Exchange

Overview Bill of exchange is a type of negotiable instrument in which a written, unconditional order made by one party (drawer) is transferred to another (the drawee) to pay a certain sum of money, either immediately or on a fixed date as mentioned in the bill, for payment of goods or services received. Drawee by […]

Promissory Note

Promissory Note is the written note made by the payer which contains the promise to pay a certain amount of money on a specified date or on demand to the payee or the bearer of the note. In short it is promise in written form to pay the debt. Requirements for a promissory note: The […]

Insolvency and Bankruptcy

Insolvency and Bankruptcy

Insolvency and bankruptcy are concepts related to a business or a person who is unable to repay outstanding debts. The process of Bankruptcy begins with a petition filed by the debtor or on behalf of creditors, which is less common. A person is declared bankrupt “When he/she is incapable of paying their due and payable […]