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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42360
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I am looking to take over a new business via company

Customer Question

I am looking to take over a new business via company transfer what quarantees can I put in place?
Submitted: 5 months ago.
Category: Australia Law
Expert:  Leon replied 5 months ago.
Good AfternoonMy apology for the delay in getting back to you. My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.1. You need to have a solicitor act for you in this. 2. The Seller has to provide you with a contract setting out what you are buying and the contract has to also set out the debts that they owe. 3. On settlement you should make sure there are cheques drawn to pay the debts from the purchase price and the balance given to the seller. 4. If there is not enough to pay out the debts you should make sure that the debts are in the name of the seller and not the business. You should also check the PPSR to see that they are not registered on the business because if they are you have to make sure that they are removed. It is not a simple thing to do and you need a Solicitor to help with this and also get financial advise from an Accountant on whether it is worth buying. People make mistakes thinking buying a business is easy and they get burnt badly. This is the only way you can protect yourself. I hope this makes sense and is of assistance If there is nothing further thank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon