Vendor Working Table

Vendor working table Business names, employees, licences, leases, restraints, security interests, notifications, intellectual property or other transfers or registrations Business Name Action required E.g. consents, documents or other action   Transfer of Business Name   Lease         Security Interest  Ensure that business Name is still registered Make Business Name Research on ASIC Website Fill out any document required and complete transfer on ASIC website by using key Give purchaser ‘consent to transfer number’ and other information that purchaser needed to become the registered name holder Notice to the relevant parties (Landlord/ mortgagee) Make title search to ensure lease is registered without any mortgage or caveat that may prevent the transfer of lease or new lease If there is mortgage over leased premises, get consent of lessor’s mortgagee to transfer of lease or new lease Get Consent of landlord for a transfer of lease or new lease In relation to the transfer of the new lease, a special condition should be included in the contract which the vendor indemnifies the purchaser against any claims arising from a breach of the vendor prior to completion. The purchaser will indemnify the vendor for any claims arising from a breach of the lease after settlement Prepare the deed of assignment of a lease, a legal document that transfers or assigns the legal rights and obligations to another party Provide the lease to buyer or buyers solicitor within 5 business days of the date of contract Arrange to pay all lawful expense relating to the transfer or any new lease, including landlord’s reasonable costs relating to the transfer or new lease Financing statements for security interest are recorded on the PPSR, so the business is subject to a security loan, the balance of outstanding on the loam shall Document or contract clause Clause 6.1 (f) Clause 26.1 Clause 20.1.2 ASIC Connect Clause 8.1 Clause 15 Clause 24 Clause 27.4 Clause 27.5 Clause 6.1(d) Clause 6.1(da) Clause 8.1 Clause 35.4.1     Social Media    Employees      be paid to the secured party by or on completion to remove the PPSR Vendor can provide either a release of the security interest or a statement under PPS act s275 stating that the amount secured is null or that the property sold is not subject of the security interest If discharge, to remove registration for the security interest effected on the PPSR, the vendor shall access the PPSR online and use the retrieve module Lender can discharge or amend the financing statement of a security interest on the PPSR Purchaser may require add a special condition to standard contract, which will require the vender make an undertaking that lender shall alter PPSR in a reasonable time, if it is not fulfilled, the purchaser can apply to the registrar of PPSR to lodge a financing amendment statement to make the change Check the Facebook (Facebook@magentaia), Twitter (Twitter@magnetaia) and website (www.magentainvestmentadvisers.com.au ) running status, make sure the account names and passwords are correct Prepared to sign and execute all transfer document for transfer of social mediate accounts (Website, Facebook and Twitter) including all login information Although Twitters terms of service expressly prohibits the buying and selling of usernames, the vendor could transfer control of the Facebook and the Twitter accounts to the purchaser by changing the passwords Notify the employees of the sale and encourage all employees to accept the offer of employment if provided by the purchaser If they are not transferring the purchaser, provide written notice of any termination of employment under the minimum notice provisions as contained under FWA or employment contract Adjustments are required to be made in relation to the entitlements of employees, including both transferring and terminating employees The vendor is also responsible to pay the employee entitlements due to each terminating employee Whether or not current employees will be employed by the purchaser is at the Clause 6.1 (p) Clause 6.1 (q) Clause 9.2 Clause 12 Clause 18.4,18.5,18.6 , 18.7 and 18.8. Clause 31,32,33,34    Other Transfers or registrations   Books and Records  Keys  Discharges all debts  Inspection  Operate Business  Settlement  discretion of the purchaser. If the purchaser decides to offer employment to existing employees, the purchaser must notify the vendor at least 15 days before settlement and promptly make a written offer of employment to those employees If employees are transferred to the purchaser, the purchaser must elect whether to recognise the transferring employees’ service with the vendor for the purpose of the FWA for annual leave, personal/care’s leave and redundancy If the purchaser elects not to recognise service, the vendor must pay the entitlements as for terminating employees, except for any long service leave entitlements If the purchaser elects to recognise the service, the vendor allows to the purchaser adjustments for accrued annual leave, personal/carer’s leave and redundancy as if it had occurred and the vendor pays the employee any remaining entitlements Executing all the necessary documents to allow for full transfer of title to those assets being sold with the business Vender must be in a position to provide to the buyer everything listed in Clause 6.1 All books and records comprising the business’s provided to the purchaser within 3 business days after the execution of the contract Any keys or codes required for the premises for the business must be given to the purchaser on completion date The vender must satisfy and discharge all debts and liabilities incurred before the completion Allow and organise an inspection of the business premise for the purchaser Conducting the business in its normal manner and not doing anything to adversely affect the goodwill or value of the business before the settlement A settlement agenda should be drawn up before attending on settlement setting out what is to be handed over to avoid any omissions or oversights that might delay or prevent settlement Clause 6.1 Clause 37.1 Clause 27.1 Clause 16.1 Clause 4 Clause 9.1