Buying or selling a business and in dispute? Read on.

Buying or selling a business and in dispute? Read on.

If you or someone you know has fallen into dispute over the purchase or sale of a business, then you may like to read on. 

There are many aspects of a business sale and purchase which need to be carefully considered. Unfortunately, depending upon the skill and experience of any agent involved in the preparation of the contract documentation, important items can and do get left out. On occasions, when parties have negotiated the terms of the deal but without the benefit of professional advice, disputes may then arise either at, shortly before, or shortly after,settlement. These disputes tend to arise when issues come to light which were either not considered in the negotiation stage, or the effects of them were not carefully through (eg taxation consequences). Common examples include dealing with employees who may or may not be staying with the business and continuing their employment, and adjustments at settlement for capital or other items forming part of the deal which may be missing or not in the previous condition they were in when the deal was agreed. 

Sometimes these types of disputes are fairy minor and can be resolved by a compromise being reached. Other times they can be major and involve either significant sums of money, or issues which are viewed as fundamental to the purchaser or the seller (as the case may be) entering the deal in the first place. Under that scenario, time can be critical and getting advice at an early stage can often limit the potential fall-out when one side may be seeking to enforce the contract (and any penalties it permits) and the other may be trying to avoid it. 

If you or someone you know has found yourself in a dispute over a business sale and purchase agreement, then we recommend getting in touch for an initial appointment to discuss your circumstances at an early stage. It will also usually be recommended that you get in touch with any other professional advisors you may be engaged with or need assistance from (eg accountant/financial adviser/business agent) and seek their assistance in resolving the dispute too. 

You can book appointments through our website or by simply getting in touch during office hours. Austral Legal. Practical advice.