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Undischarged insolvent ?

A member of lok sabha is disqualified if he is an undischarged insolvent !
Please show some light .
First attempt in 2014 - couldn't clear prelims, second to be in 2018
Optional - medical sciences

Comments

  • edited December 2013
    A person who cannot pay his debts can have insolvency (bankruptcy) proceedings initiated against him. A court can "discharge" the debtor and release him of his debts through some financial arrangement, like attachment of his movable and non-movable assets. As long as an insolvent is not thus discharged by the court, he remains an "undischarged insolvent", which puts several limitations on him with respect to his financial dealings, candidature for elections etc.
  • A person who cannot pay his debts can have insolvency (bankruptcy) proceedings initiated against him. A court can "discharge" the debtor and release him of his debts through some financial arrangement, like attachment of his movable and non-movable assets. As long as an insolvent is not thus discharged by the court, he remains an "undischarged insolvent", which puts several limitations on him with respect to his financial dealings, candidature for elections etc.
    I read somewhere that there is a legal difference between being bankrupt and being insolvent .
    Is it true ?
    The fault , dear Brutus, is not in our stars, / But in ourselves, that we are underlings .
  • A person who cannot pay his debts can have insolvency (bankruptcy) proceedings initiated against him. A court can "discharge" the debtor and release him of his debts through some financial arrangement, like attachment of his movable and non-movable assets. As long as an insolvent is not thus discharged by the court, he remains an "undischarged insolvent", which puts several limitations on him with respect to his financial dealings, candidature for elections etc.
    I read somewhere that there is a legal difference between being bankrupt and being insolvent .
    Is it true ?
    Thanks for bringing this up. This is what I just found - http://www.goodmanlaw.com.au/FAQRetrieve.aspx?ID=33171

    Prelims : 2/5; Mains : 0/2; Interview : 0; Remainder : 1+1 (Tired but not; Retired) / Medical Science / Kolkata / Nihilist extraordinaire | Thanks a lot...
  • A person who cannot pay his debts can have insolvency (bankruptcy) proceedings initiated against him. A court can "discharge" the debtor and release him of his debts through some financial arrangement, like attachment of his movable and non-movable assets. As long as an insolvent is not thus discharged by the court, he remains an "undischarged insolvent", which puts several limitations on him with respect to his financial dealings, candidature for elections etc.
    I read somewhere that there is a legal difference between being bankrupt and being insolvent .
    Is it true ?
    Thanks for bringing this up. This is what I just found - http://www.goodmanlaw.com.au/FAQRetrieve.aspx?ID=33171

    Now i remember where i read it !!
    Its the same link !!
    :-)
    The fault , dear Brutus, is not in our stars, / But in ourselves, that we are underlings .
  • Thanks bhai log :D
    First attempt in 2014 - couldn't clear prelims, second to be in 2018
    Optional - medical sciences
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