Our clients instructed us to acquire the assets of a retail business, whose product was the subject of key intellectual property rights. The business was offered for sale by the accountants who had been appointed as administrators of the company owning the business.
The acquisition involved satisfying the lender to our client, as to unencumbered ownership of intellectual property rights and the discharge of security which had been granted to a third party over the assets of the business. That matter was resolved by our clients acquiring the loan made by the lender to the company in administration whose consideration was satisfied in part by shares in our client. There were difficult negotiations regarding rights of employees of the business under TUPE. The transaction was completed successfully.
John Spratt was supported in this matter by insolvency specialist Petra van Dijk.