Auction of items owned by a foreign company

Dear All,

My company is a proprietor firm, handling warehousing and logistics jobs for a foreign company.

We are providing consultancy service to this foreign company.

We are in possession of machineries and equipment that belongs to a foreign company based in Dubai.

Working under mutual understanding with no written contract in place. Major communication via emails and telephones.

Since last 6 months this foreign company is not paying us the rentals and other job related payments for storing their equipments in warehouse that we rented from the warehouse owners.

Now the warehouse owners are threatening us to pay the rentals that is outstanding for last 6 months, or else they will auction the items placed in their warehouse to recover their loss of rentals.

In this situation, what should we do if the foreign company is not making the payments. Should we allow the warehouse owners to go for an auction and recover their outstanding rentals and give us the balance...

Please advice on this issue....