That is no help Ben
I require advice tonight
. Yes, I do still need advice. To answer your questions, I am based in the UK and it is an American buyer company. As the sale is not complete and due to the nature of the takeover it is unclear, and has not been communicated to me, whether this is a takeover or transfer of ownership.
again, is the business going to transfer outside of the UK?
Well the company buying the business is an American company but they do have offices in the uk, so I am not really sure what they are planning to do.
ok thanks I will just get my response ready
Just to clarify, when they offered me the retention bonus, they didn't not tell me they were planning on selling the company. The contract retention bonus is that I shall continue to work company until March, but it appears that the sale might take place in February, hence my concern regarding the bonus, as I am not sure is the contract is still valid post-sale as it is between me and the selling company.
Generally, when one business takes over another business, a piece of legislation known as TUPE would apply. If it applies to a transfer, those employees assigned to the transferring business will move to the new employer on their existing terms and conditions. Simply put, the new employer will 'step into the shoes' of their old employer and the employees should continue working new employer as if nothing had changed, apart from the name of their employer.
So if you had a contractual agreement with the existing employer, it would transfer over to the new one and they would take on the liabilities linked with it. This is known as the ‘automatic transfer principle’. It also covers non-contractual liabilities that are linked to the contract, so it is quite likely that this will be covered either way.
However, TUE does not apply if there is a share transfer of the business. Let’s say that the new owners purchased the shares of the existing company and that is how they took over the business, in that case TUPE does not apply and you will not be able to argue that the liabilities under that agreement had transferred to the new employer. However, the agreement can still be enforceable against the old company, at least part during which they were your employer (i.e. before the transfer).
you can ignore the timer message, in case you have further queries
Why can I not rate your answer??
You should be able to, if you cannot then you can just type your choice on here, thanks