" ....which you could use to buy them back.
Keep them outside the asset lock to avoid what is obviously a concern to you.
Alternatively make an agreement with the CIC to use/rent them for a fee that covers their medical bills and feed etc."
"The CIC is a legal person, separate from the individuals who own or run the company. The asset lock only applies to assets that are owned directly by the CIC. If you transfer ownership of the livestock to the CIC, then they could be sold off the…"
Can someone please give some help/guidance surrounding the assest locked body section in the articles of association.We are looking to set up a CIC involving live stock that we already own. Is there a way to protect them if the worst should happen, as in, do they become asessts of the business/project if we already owned them prior, and if the business/project was unsuccessful and should dissolve for any purpose are they vulnerable? The assest locked body section has us worried, although I'm…See More
Guidance on how to set up a CIC especially where communities need to work together before they actually create the CIC e.g. collect funds commission work from advisors ahead of formation as some market testing or preparatory workSee More