Business Disposal
When you want to sell your business, you are in effect disposing your business and your leasehold interest of the Premises.
Upon receiving instructions from you, we will prepare the Sale Contract in accordance with your instructions. When preparing the Contract, we will advise you whether it is appropriate to transfer the existing lease to the purchaser or ask the purchaser to negotiate new lease with the landlord. Subject to statutory modifications, at common law, you (as old tenant) are not released from liability of the Lease even the lease has been transferred to the purchaser (as new tenant).
In addition, when preparing your contract, we can also provide general tax advices (including GGT and GST) on your disposal of business.
Once the contract has been exchanged, we will ensure the matter proceed to settlement smoothly. We will also contact the Landlord to arrange assignment or surrender of lease (as the case may be).
