LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 8

LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 8

8—Particulars to be supplied to purchaser of small business before settlement

        (1)         A vendor of a small business must, at least five clear business days before the date of settlement, serve, or cause to be served, on the purchaser a statement in the form required by regulation (signed by the vendor) setting out—

            (a)         the rights of a purchaser under section 5; and

            (b)         the prescribed particulars in relation to the business; and

            (c)         where land is sold under the contract for sale of the business—the particulars that would be required in a vendor's statement under section 7 if the land were sold separately.

        (2)         The statement must have endorsed on, or attached to, it a certificate in the form required by regulation (signed by or on behalf of a qualified accountant, not being the vendor) certifying—

            (a)         that the accountant or a person acting on behalf of the accountant has examined the accounts of the business; and

            (b)         that the financial particulars disclosed under subsection (1)(b) appear to be in conformity with the accounts.