Q&A
What happens in the pre-settlement stage of selling a business?

Answer:

During the pre-settlement stage of selling a business you as the seller will be required to perform some standard obligations.

  1. You will need to transfer all relevant documents so that ownership can be transferred to the purchaser.
  2. You will need to let the new owner know all the names of customers, trading partners, products and services, which the business uses so as to maintain the goodwill of the company.
  3. You will also need to discharge securities, mortgages or any other legal or financial burdens that may be held over your business.
  4. Finally, get the lessor’s consent to transfer the lease to the purchaser.

Answered by Priscilla Ng

Priscilla is a lawyer. She practises in the areas of business and commercial law, intellectual property and employment law. In her past work experience, she practised in property law, family law, wills and estates, and civil litigation.

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