Q&A

Question: What happens during a sale of business settlement?

During a sale of business settlement, exchange of documents is the main goal. The seller has the responsibility of providing the purchaser with all the documents they need to transfer ownership of the business. Things you’ll need to give the purchaser are share transfers and certificates, any approvals for share transfers and documents relating to the appointment and resignation of directors. The purchaser will give the seller in return a bank cheque for the value of the business, a deed of guarantee for the lessor and the deed of guarantee signed by the purchaser.