Dear All,
We are a Free Zone Company in UAE owned by 4 members, one of the member have given corporate guarantee of our company for debt taken by some other company. now that compaby is trapped in debt and I am afraid bank may approch us to invoke corporate guarantee given by us. however there are no charges/lien exist on our assets. hence I have planned below
1) To Sell assets of the company for a residual amount so the assets no more belongs to us (ONLY ON PAPERS)
2) Then to take same assets on lease/rental from the person to whome these assets are sold
3) I will be prerparing Sales Agreement/ Sales Invoice and bank transaction for money received.
4) then I will also prepare Lease/Rental agreement for taking assets on lease.
5) PLEASE NOTE THERE WILL BE NO PHYSICAL MOVEMNTS OF PLANT & MACHINES.
Plase guide me if above arrangement will help me to save properties of company, and how I can make this arranegment as full proof.
CAclubindia
