Question

The advance amount payable by the buyer while signing the hire purchase agreement is termed as
?​

Answer 1

Answer:

(b) Court may, by its order, compel any person to repay or restore money or property belonging to the company or to make a contribution to its assets as compensation for misfeasance or breach of trust in connection with its affairs (Sec. 542).

In case of death or insolvency or liquidation (if the contributory happens to be a corporate body) of the contributory, the liability of the legal representative or the assignee or the liquidator (as the case may be) shall be the same as that of the original contributory. Their liability as a contributory shall be to the extent of the value of the estate of the original contributory which has come in their control (Sees. 430 and 431).