It is important to take advice about all aspects of buying and selling a business, including employees, as failing to comply with duties owed to employees may result in costly personal grievances.
An Agreement for Sale and Purchase of a Business should include all necessary provisions regarding staff/ employees.
If you are in the process of selling your business, make sure you check the contents of the employment agreements you have with your employees. Employment agreements must contain a provision that sets out what will happen if a business is being sold. This process must be followed.
If you would like more advice on your obligations as an employer or as a purchaser, please get in touch with one of our experienced Employment team at TODD & WALKER Law who can assist.