liable

[Daniellll]

I want to say that someone is "liable ____ his personal properties". i.es in case of bankruptcy he should liquidate his personal belongings and pay the proceeds to creditors.My question is in two folds:
1. What should I say: liable to,liable for, liable ...
2. properties more or less are physical assets. Can I substitute "properties" by another word that reflects that he will be liable for everything he owns (including cars,bank accounts,etc...)

[kiwi man]

NOT A TEACHER.

I will ignore the first question because I'm not a grammar savvy.

However, for your second question, why don't you just change "property" to "asset"?

[Rover_KE]

Daniellll, we are reluctant to answer questions which may have legal implications.

You need to consult a lawyer.

Rover

[Daniellll]

it is a finance course :). I just want to know what to say when I explain what I mean by unlimited liability. how can I rephrase it when I start my sentence with: he is liable.... I stuck there and whenever I stuck I try to consult you to improve my language. there are no legal consequences as this post confirms my intentions.

[Rover_KE]

Fair enough.

I'm afraid I still don't understand the question.

Rover

[Daniellll]

if someone has unlimited liability such as in the case of sole propritorships, any debt that his firm incurs would be the responsibility of the owner.it means in case of bankruptcy , creditors should liquidate his personal assets to get their money back. I started the sentence with "he would be liable ____ his personal assets" and I didn't get what to insert before "personal assets" to get the meaning that I want. Is it "for his personal assets"?

[Barb_D]

I can't feel that "liable" is the right word for this sentence at all.

His personal assets are at risk, vulnerable, subject to liquidation... but I can't make "liable for" work there.

[5jj]

He is liable to the extent of all his assets.

[JohnParis]

People often pledge personal assets as collateral against loans. In the event of their inability to repay the loan, their creditors have the right to seize and sell all pledged assets to satisfy the debt. If you wish to explain the concept of unlimited liability for a finance course, I think all you need say is that the debtor is personally responsible (or liable) for repayment of all of his obligations, and that his possessions can be seized and sold to repay his debt if he defaults.

“Unlimited liability means that the debtor is personally responsible for repayment of all his obligations. In the event that he does not honor his debt, (defaults) his possessions can be seized and sold by his creditors to repay his debt.”

John