Fraudulent Transfers of Businesses.
CHAPTER 49.
FRAUDULENT TRANSFERS OF BUSINESSES.
To prevent certain fraudulent transfers of businesses.
[CAP. 49
[12th October, 1923.]
Originally 25 of 1923. Fraser 25 of 1923.
2 of 1946. 28 of 1948.
1. This Ordinance may be cited as the Fraudulent Transfers of Businesses Ordinance.
Short title.
2. In this Ordinance-
"appeal" includes a motion for a new trial or to set aside a verdict, finding or judgment;
"business" means any trade or occupation, other than a profession, carried on with a view to profit; "transferor" and "transferee" respectively include a sub-transferor and sub-transferee and, where the notice referred to in section 3 is given before the date of the transfer, an intended transferor and transferee.
Interpretation.
3. (1) Whenever any business or any portion of any business is transferred, with or without the goodwill or any portion thereof, the transferee shall, notwithstanding any agreement to the contrary, become liable for all the liabilities incurred in the business by the transferor, unless due notice in accordance with this section has been given and has become complete at the date of the transfer.
(2) The liability of the transferee under subsection (1) shall cease immediately notice given in accordance with this section has become complete: Provided nevertheless that should proceedings be instituted against the transferee before such liability has ceased the said notice shall (for the purposes of such proceedings but for such purposes only) be deemed incomplete pending the final determination of such proceedings, including all possible appeals, and pending the expiration of all periods during which such appeals may be brought.
(3) The notice referred to shall contain the particulars hereinafter specified and shall be given by publication, either before or after the date of the transfer, in the Gazette and in
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Transferee of business to be liable for liabilities of transferor in certain cases.
Fraudulent Transfers of Businesses.
CHAPTER 49.
FRAUDULENT TRANSFERS OF BUSINESSES.
To prevent certain fraudulent iransfers of businesses.
[CAP. 49
[12th October, 1923.]
Originally 25 of 1923. Fraser 25 of 1923.
2 of 1946. 28 of 1948.
1. This Ordinance may be cited as the Fraudulent Short title. Transfers of Businesses Ordinance.
2. In this Ordinance-
"appeal" includes a motion for a new trial or to set aside
a verdict, finding or judgment;
"business" means any trade or occupation, other than a
profession, carried on with a view to profit; "transferor" and "transferee" respectively include a sub- transferor and sub-transferee and, where the notice referred to in section 3 is given before the date of the transfer, an intended transferor and transferee.
an
intended
3. (1) Whenever any business or any portion of any business is transferred, with or without the goodwill or any portion thereof, the transferee shall, notwithstanding any agreement to the contrary, become liable for all the liabilities incurred in the business by the transferor, unless due notice in accordance with this section has been given and has become complete at the date of the transfer.
(2) The liability of the transferee under subsection (1) shall cease immediately notice given in accordance with this section has become complete: Provided nevertheless that should proceedings be instituted against the transferee before such liability has ceased the said notice shall (for the purposes of such proceedings but for such purposes only) be deemed incomplete pending the final determination of such proceed- ings, including all possible appeals, and pending the expiration of all periods during which such appeals may be brought.
(3) The notice referred to shall contain the particulars hereinafter specified and shall be given by publication, either before or after the date of the transfer, in the Gazette and in
379
Interpretation.
Transferee of liable for transferor in
business to be
liabilities of
certain cases.
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