Business Sale Tag

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The liabilities of vendor and purchaser for employee entitlements upon termination can become a major issue in negotiating the sale of a business. Section 64 governs statutory severance pay, which is payable only to an employee severed without cause, as defined, who has five or more...

Severance pay obligations to employees can be a substantial yet often overlooked obligation in the context of a purchase and sale of a business. Whether an asset sale or share sale, the vendor and purchaser must address severance pay issues before consummating a transaction. In...