A share sale is usually the sale of all the share in a company limited by share.
No TUPE applies- i.e. no statutory consultation with staff pre completion is required
As a buyer caution is needed as you are buying the company as an entity and it is a legal person. Accordingly, any arrears of tax or penalties will attach to the Company and so:
-Due Diligence is required regarding the Company- i.e. full enquiry should be made by the buyer’s accountant and lawyer
-The Share Sale Agreement tends to be lengthy and contain protection clauses for the buyer. The Sellers warrant that matters are in order and as a buyer you can rely on these statements.
A share Sale can be very quick as a transaction as any commercial leases owned by the company do not require a licence to assign from the Landlord, however, the in depth due diligence and lengthy share sale agreement tend to take time to process.