Creditors outstanding for more than 3 years
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2010
Dear Sir,
I would like to know, after how much period a Creditors outstanding balace has to writtenoff, If the Creditor is not claming the same for 3 years.
Thanks
Poonam
I would like to know, after how much period a Creditors outstanding balace has to writtenoff, If the Creditor is not claming the same for 3 years.
Thanks
Poonam
17 February 2010
Based on the company policy
17 February 2010
The Law of limit specifies that any debt becomes time barred after 3 years. So, in case the creditor has not claimed the amount from 3 years, then the company is under no legal obligation to pay the amount. So, the company may write off the amount after the period of 3 years.
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