Agreement Of Purchase And Sale Business In Leased Premises

If the assets of a business are sold to a new buyer, all employees will become the buyer`s successors under the law. This means that all the responsibility of the employees, as for example. B their work history, holiday pay, severance pay and severance pay are transferred to the buyer. If the buyer wishes to dismiss an employee after 6 months after the purchase of the company, the buyer must pay the employee`s termination fee, which represents the entire period during which the employee was employed by the previous company. In the absence of provisions to protect the buyer, the buyer may have to pay a large bill in severance pay to an employee. As a result, a buyer will generally require the seller to terminate all employee occupations with the company with effect from the closing date. . . .