| Commentary

227 Conditions precedent

| Commentary

227 Conditions precedent

As mentioned above1, the ideal scenario for a business sale is a situation where exchange of contracts and completion occur simultaneously. Unfortunately, this is not always possible. For example, it may take longer to obtain the consent of a third party to an assignment, such as a landlord in respect of a lease, or a licensor in respect of a licence, or there may be an unforeseen delay in effecting the removal of a charge from one of the assets to be transferred, or in securing the consent of the holder of the charge to the transfer

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