When buying a business or a company it is important to consider any liabilities associated with the company, and what you, as successor, will be liable for after the transaction is complete. Thorough due diligence conducted by an experienced solicitor may highlight liabilities you were unaware of, which could seriously affect the appeal of such an acquisition.
In most cases, the sale of a business and its assets excludes the debts, whereas a company sale (the sale of shares) incorporates the debts with the purchase. However, there are cases when this may differ.
Obviously, it is of paramount importance to gain an understanding of the financial liabilities involved before making a purchase, which is why it’s essential to work with a solicitor experienced in the buying and selling of businesses and companies.
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