Transfer of creditors in companies

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2010 Company is not doing any business from A.Y. 2005-06 but wants to transfer creditors in director's personal A/c so what procedure should be followd?

M Prabhakar Menon

M Prabhakar Menon (Expert)
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11 February 2010 The proper thing to do is bring in the money as unsecured loans/share application money and pay the creditors If the director settles the creditors dues himself u may close the subject creditors a/c by transfering the balances to the directors personal account.