My father has been trying to run a trading company in UAE for the past 15 years. Things have always been tough but have become a real mess after the recession. To help me out , my father had added my name as a partner in the trade license (17% share). This helped me with immigration as a single mother can sponsor her kids here only if she has certain very limited visas, a partner’s visa being one of them. Anyways, now the situation is such that my father has loan with three banks, one of which has recalled their loan after the Central Bank issued a notification to the bank that our company is a bad credit. We are trying our best to negotiate ( the bank being an islamic bank, has an extremely rigid code of conduct) and arrange for the money but things look bad.
My question is, if worse comes to the worst, where do I stand? Would I too end up in prison here in case things go that bad? I have always blindly signed whatever papers my father has given me because he is my father. I have never been an active partner but it seems that does not count here. Also, my name cannot be removed from the Trade License right now as things stand because in order to do so there is a procedure as per which one has to advertise this act through local newspapers and notife the banks. I am sure no bank is going to permit the release of a partner right now.
Please let me know what awaits me considering the above scenario and can i do something to avoid prison?
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