29 December 2009
a partnership firm is takeover by pvt. ltd. company 2 years ago and this finacial year company take a loan in mortgage of assets which was transfer from firm.
bank advocate argue that immovable propety can not transfer without regeistry of assets in the name of company.
04 January 2010
Yes ur advocate is absolutely right in saying that, whenever any firm and or a company is transferred to the transferee either from a partnership firm to a pvt ltd company or avice versa, the assets including the immovable assets are to be transferred in the name of the transferee to claim ownership on the assets transferred and or mortgage the assets for the purpose of loan.
Hence the transfer of assets has to be registered in the name of the company for mortgaging the assets in the name of the company for the purpose of hypothecaiton against the loan secured.
As the legal recognition will be established with the registration of the assets whether movable or immovable in the name of the transferee.
CAclubindia
