Commercial Sale Publication Requirements
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Questions and Answers

What happens if there is a clause in the lease contract forbidding sublease?

  • The premises can still be subleased by the lessee to a 3rd party
  • The premises cannot be subleased (correct)
  • The landlord has a preferential right to acquire the business concern
  • The landlord can request a fair rent to be fixed

    • When is the lease contract automatically transferred to the buyer in the case of selling a business concern?

  • Only if the nature of the previous business is not changed
  • If there is no clause prohibiting transfer in the lease contract
  • If the landlord believes that the rent in the transferred lease is no longer suitable
  • Regardless of any clause in the contract prohibiting such transfer (correct)

    • 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 (correct)
  • The nature of the previous business must be changed
  • The original lease contract must be terminated
  • The buyer has no obligations towards the original lease contract

    • What does registering a mortgage on a business concern provide to the mortgagee?

    <p>A preferential claim over the business concern</p> Signup and view all the answers

    Under what condition can a creditor request a garnishee order against a business concern?

    <p>If the owner refuses to pay the mortgagee's debts</p> Signup and view all the answers

    What is the purpose of the publication mentioned in the text?

    <p>To allow creditors to object to the sale if it prejudices their interests</p> Signup and view all the answers

    What happens if the purchaser pays the price before the 10-day limit?

    <p>The purchaser will be responsible for any objections from 3rd parties for the claimed sum</p> Signup and view all the answers

    What is the responsibility of the Chief Clerk of the First Instance Court with regards to the sale of a business concern?

    <p>To make a publication within 15 days of the sale and again on the same day of the next week</p> Signup and view all the answers

    Why should the landlord be notified if the sale includes the transfer of the lease contract?

    <p>To ensure that the buyer can operate from the premises without any legal issues</p> Signup and view all the answers

    Why must the purchaser not pay the price until after completing the publication formalities?

    <p>To ensure that all creditors have sufficient time to object to the sale</p> Signup and view all the answers

    What elements are included in a business concern?

    <p>Corporeal and incorporeal</p> Signup and view all the answers

    What is the most important element of a business concern?

    <p>Goodwill</p> Signup and view all the answers

    What type of instrument should be used for the sale of a business concern?

    <p>Deed of sale</p> Signup and view all the answers

    What happens if the sale of a business concern is not registered at the Special Commercial Register?

    <p>It shall have no effect towards third parties</p> Signup and view all the answers

    What must the sale of a business concern include in order to have an effect towards third parties?

    <p>All the elements of the business concern</p> Signup and view all the answers

    What elements are included in the sale if the deed does not mention them?

    <p>Lease rights and location</p> Signup and view all the answers

    What must be mentioned in the deed of sale at all times?

    <p>The sale price</p> Signup and view all the answers

    How can the buyer operate in the leased premises when there is no lease contract between them and the landlord?

    <p>By subleasing from the lessee</p> Signup and view all the answers

    What is the purpose of publishing an abstract of the deed of sale in the Official Gazette and local newspaper?

    <p>To inform all creditors of the sale</p> Signup and view all the answers

    What is the responsibility of the Chief Clerk of the First Instance Court with regards to the sale of a business concern?

    <p>Publishing an abstract of the deed of sale</p> Signup and view all the answers

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