The following Pensions practice note provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES TO ALL PRIVATE SECTOR PENSION SCHEMES
Business sales (also referred to as asset sales) involve a seller selling part, or all, of its physical business to a buyer. The buyer ends up assuming ownership of the contracts and assets specified in the business sale agreement. These contracts will typically include business contracts and the employment contracts for some, or all, of the seller’s employees as well as any plant, machinery, property, goodwill, etc.
This Practice Note should be read in conjunction with the following Practice Notes:
Pension issues on a business sale—acting for the buyer
Pension issues on a business sale—acting for the seller
TUPE—what pension benefits should the transferee provide?
Due diligence is the process in which a buyer obtains information on the seller's business and the accompanying liabilities. Lawyers acting on behalf of the buyer are often given access to an actual or virtual data room which holds copies of documents providing information on the seller and its business. Lawyers analyse the documents provided before preparing a report for their client with details of the liabilities and risks involved with the proposed business purchase. To the extent that information is missing from the data room, there is often an opportunity for the buyer to ask the seller for further information, clarification or copies of specific documents.
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