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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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please confirm legality of moving inter-company assets if the

Customer Question

please confirm legality of moving inter-company assets if the bank has a first charge on the subsidiary company.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.

Alex Watts :

Does the bank have charge on assets in the transfer please?

JACUSTOMER-do7dkipr- :

bank has charges with the one company only.

Alex Watts :

Yes.

Alex Watts :

But the assets that want to be transferred are they ones with a charge?

JACUSTOMER-do7dkipr- :

yes

JACUSTOMER-do7dkipr- :

Hi Alex

Alex Watts :

This can not be done without the banks consent. This is because the original company does not have full title to the assets because of the charge - the bank does.

Alex Watts :

Therefore you can not transfer items that you do not have full title for - because in law you need full title.

Alex Watts :

Therefore these assets can not be transferred without consent of the bank, as even if they are transferred the new bank will still have title.

Alex Watts :

Does that make sense?

JACUSTOMER-do7dkipr- :

Hi Alex not used to this sort of conversation, just to confirm company (A) has assets that i want to transfer to company (B) the Bank has a charge on assets of Company (A) approx 20% in money terms. i do understand the concept of full title i just wanted confirmation. and yes it makes sense

Alex Watts :

Good and your understand is correct then.

Alex Watts :

If this answers your question, please take a moment before you leave and rate my service, which I hope has been excellent, it only takes a second and is an important part of the process. Otherwise if you need more information or help then please click reply. Alex

JACUSTOMER-do7dkipr- :

ok how do we get out of the conversation ?

Alex Watts :

If you click one of the happy faces, it will allow you to rate my service, which I hope has been excellent.

Alex Watts :

And it allows me to be credited for my time by the site.

Expert:  Ash replied 3 years ago.
If I could invite you to rate my service before you leave today, hopefully it has been excellent. If you do need more help or information please click reply. Thanks – Alex.
Expert:  Ash replied 3 years ago.
Hi

I am just following up on this. Is there anything else I can help with? If so, please let me know.

Alex.