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Welcome to Michael Paterson & Associates

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Business Settlements

Call us on (08) 9443 5383
if you would like assistance

Business Settlements

Buying or selling a business?  We can help achieve a worry-free settlement.

Things we do for you:

  • Provide a contract of sale if needed
  • Check contract for key details
  • Carry out business, company name and bankruptcy searches as necessary
  • Calculate duty payable and registration fees.
  • Check special conditions/dates that need to be met.
  • Check finance approval conditions and dates and liaise with the bank
  • Check lease details and arrange for assignment
  • Check franchise lease details and arrange for assignment
  • Check if there are any licenses relating to the business?
  • Liaise with other business settlement agent and send out Vendor Questionnaire if acting for the purchaser
  • Seek confirmation that all plant and equipment used in the business is listed in the Plant and equipment list.
  • Obtain names and addresses of all suppliers plus copy contracts
  • Check if any stock subject to title retention pending payment of account and if so, check terms of retention of title and details of debts outstanding secured by the stock.
  • Check if any plant and equipment not owned but leased or on Hire Purchase and if so, check the Financier's details relating to such items
  • Check for telephone numbers including 1800, 1300, 13 and other special telephone numbers
  • Check which employees will transfer to the new business, and if some are, check their contract of employment, date of commencement of employment, current salary/hourly rate plus overtime rates, accrued holiday leave, accrued long service leave, accrued sick pay
  • Check what is payable if employee contract will be terminated on possession date.
  • Check outstanding debts, loans, debentures or other charges
  • Complete forms for transferring any business names and ensure they are all signed correctly
  • Ensure all charges are discharged or business assets are released
  • Perform any other enquiries which are prudent in the circumstances e.g. Council Rates, Water Rates, Land Tax, Strata Levies, Bond payable on the Lease
  • Prepare the settlement statement
  • Ensure all other relevant documents are provided to that parties that need them
  • Arrange final inspection prior to completion
  • Arrange Completion of the sale
  • Arrange cheque splits as necessary
  • Make arrangements for any stock take
  • Arrange for attendance at Settlement