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Exiting Your Business

You may be selling your business ready for retirement, need support with bankruptcy proceedings or just want to change direction. We provide sound, sensible legal advice that's right for you and your business.

Dealing with staff

Managing staff when winding down a business

If you are winding down a business, the issue of how you handle your staff is key. You are likely to have obligations to consult with those staff and, in most cases, to pay them a redundancy payment. If you don't consult staff properly, or don't pay them what is owed when you terminate their employment, you may well face Employment Tribunal claims such as unfair dismissal or unlawful deduction from wages.

Closing your business and managing redundancies

If you are closing your business, it is very likely that your staff will be in a redundancy situation. Because of this, you should consult with those staff about your plans to close the business and the likely redundancies. Depending on how many staff you may need to make redundant, as well as individual redundancy consultation you may also need to consult collectively with trade unions or employee representatives.

If you don't consult properly with staff that may be made redundant or you don't pay money owed to those staff on their redundancy, you run the risk of a successful unfair claim and/or a claim for unlawful deduction from wages/breach of contract. It is important that you get it right therefore. We can help you manage the process and minimalise risk.

Directors Exit Strategy

We know the complexities and challenges that can arise when Directors leave a business, and will seek to ensure any disruption or risk to your business is minimized as far as possible. Whether it's your Director's rights under their contracts of employment when they exit, share rights on exit, enforcing restrictive covenants after exit or negotiating the terms of exit announcements, we can take care of every angle for you.

Acquiring staff under TUPE

TUPE is a complex bit of law. In short, if you acquire staff under a TUPE transfer (asset purchase or service provision change) you acquire those staff under the vast majority of their existing terms and conditions of employment. You are also limited as to your ability to change those terms and conditions after the TUPE transfer. You will also acquire all obligations and liabilities from the seller of the business you have acquired or the outgoing service provider. Because of this, you should seek advice before the TUPE transfer takes place to identify and, if appropriate, mitigate any risk you may acquire in relation to those staff who transfer to you under TUPE. In conjunction with our Corporate & Commercial Team, we are able to advise businesses of all sizes on how to mitigate this TUPE risk.

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