Selling an existing business

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Member since 28 December 2024

torbeneriNew member28 December 2024 09:02:51

HI. If I sell my existing business and the new owners keeps the staff on as is, will there be any liability regarding severance pay as the staff stays on?

martinoo2002 Serial expat

Member since 19 July 2023

martinoo2002Serial expat28 December 2024 21:18:29

481

This.is called a going concern transaction. You either pay your staff the built up liabilities or the provisions/accruals are absorbed in the sales or.purchase price. Make sure when you do the latter it is.mentioned in the contract!!!

Both ways....

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