assessment 1

Vendor working table Business names, employees, licences, leases, restraints, security interests, notifications, intellectual property or other transfers or registrations Action required E.g. consents, documents or other action Document or contract clause Business name  There needs to be consent by the mortgagee – in this case it Melbourne’s Bank  Will need to renew the registration for the business or create new business name on ASIC site  Obtain the landlords consent to transfer the lease  Vendor is required to deliver all documentation that related to title  ASIC  Settlement procedure for contract of sale of business paper Leases  Ensure that the vendor has given consent to transfer the lease Vendor must perform all the tenants obligations under the business lease until settlement  Clause 8.1  Clause 8.5 Licenses  Restraints  Vendors must agree and give consent tat they wont compete with the business after settlement of sale for a period of 2 years and within 5km of the premises. Security interests  Vendor must inform the purchaser of any person or entities that may have any security interest  Need to register under the PPSR  Vendor can provide a security agreement or a statement under section 275 of the Personal Property Security Act 2009  Clause 2.2  Personal Property Securities Act 2009 s275 Social Media  Need to ensure that the transfer of social media is within the contract  Need to check which social media platforms can be transferred. 344ee7bf048d59a5746ddc5ee4b1f90d8f7a3df0.docx Page 1 of 2 © The College of Law Limited