20 Questions
What happens if there is a clause in the lease contract forbidding sublease?
The premises cannot be subleased
When is the lease contract automatically transferred to the buyer in the case of selling a business concern?
Regardless of any clause in the contract prohibiting such transfer
What must the buyer respect when the lease contract is transferred to them as part of buying a business concern?
All the obligations resulting from the original lease contract
What does registering a mortgage on a business concern provide to the mortgagee?
A preferential claim over the business concern
Under what condition can a creditor request a garnishee order against a business concern?
If the owner refuses to pay the mortgagee's debts
What is the purpose of the publication mentioned in the text?
To allow creditors to object to the sale if it prejudices their interests
What happens if the purchaser pays the price before the 10-day limit?
The purchaser will be responsible for any objections from 3rd parties for the claimed sum
What is the responsibility of the Chief Clerk of the First Instance Court with regards to the sale of a business concern?
To make a publication within 15 days of the sale and again on the same day of the next week
Why should the landlord be notified if the sale includes the transfer of the lease contract?
To ensure that the buyer can operate from the premises without any legal issues
Why must the purchaser not pay the price until after completing the publication formalities?
To ensure that all creditors have sufficient time to object to the sale
What elements are included in a business concern?
Corporeal and incorporeal
What is the most important element of a business concern?
Goodwill
What type of instrument should be used for the sale of a business concern?
Deed of sale
What happens if the sale of a business concern is not registered at the Special Commercial Register?
It shall have no effect towards third parties
What must the sale of a business concern include in order to have an effect towards third parties?
All the elements of the business concern
What elements are included in the sale if the deed does not mention them?
Lease rights and location
What must be mentioned in the deed of sale at all times?
The sale price
How can the buyer operate in the leased premises when there is no lease contract between them and the landlord?
By subleasing from the lessee
What is the purpose of publishing an abstract of the deed of sale in the Official Gazette and local newspaper?
To inform all creditors of the sale
What is the responsibility of the Chief Clerk of the First Instance Court with regards to the sale of a business concern?
Publishing an abstract of the deed of sale
Learn about the publication requirements for commercial sales, including the responsibilities of the Chief Clerk, the timing of publications, and the notification requirements for lease contract transfers. This quiz covers the legal provisions related to making sales known to creditors.
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