Dear sir,
Can the assets of a guarantor company to a loan of another company be used in case of winding up of the later to meet its debts?
PRANTIK BHATTACHARYA (MANAGEMENT TRAINEE) 03 February 2014
Dear sir,
Can the assets of a guarantor company to a loan of another company be used in case of winding up of the later to meet its debts?
Seawoods Consultants (Legal Consultants) 03 February 2014
In case of debts the guarantee clause can be invoked to the amount of guarantee given .. in case the guarantor refuses to pay the amount as per guarantee, then appropriate legal procedures can be invoked against the guarantor .. however it will totally depend upon the kind of guarantee given and cases in which guarantee given ... normally guaranntees are not given in case of winding up of the companies due to fraudently activities of the directors themselves.. Will require to examine the gusrantee bond before any final opinion can be given on your query .. for furthur help you may write @ seawoods@consultant.com
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