This is a critical area of law to consider when buying or selling a business. Sellers have legal obligations to provide accurate and transparent information to buyers when selling their business as a going concern. Additionally, there are requirements to consult with employees during the process, though the specific obligations can vary depending on the size of the business.
Equally important are the obligations placed on buyers under the relevant regulations. When purchasing a business, you are required to take on the employees under their existing terms of employment. These provisions cannot be circumvented, except in cases of redundancy, which must be handled in strict accordance with the law.
As a buyer, it is essential to obtain full employee information and conduct thorough due diligence to uncover any potential issues. Employment law in this context can be complex and fraught with risks, making professional advice indispensable.
At our firm, we offer the expertise and guidance you need to navigate these legal requirements with confidence, ensuring your interests are fully protected throughout the process.
