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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Purchase and sale of business
- Parties
Buying from a company
When purchasing from a company, it is necessary to ensure that:
- • the company has a right to sell the business;
- • the directors are acting in accordance with the company’s constitution; and
- • any registered charges are discharged in full or at least as far as they affect the business.
However, the purchaser can rely upon legal presumptions including:
- • The common law. There is a presumption that the acts of an organization have been carried out correctly.
- • Corporations Act. Sections 128, 129 and 1322 of the Corporations Act 2001 (Cth) entitle third parties to assume that officers have been duly appointed, and are acting with the authority of the company.
See Buying from a company.
