By Michael Ryley
The employment legislation and group of workers administration concerns that come up whilst companies are received and bought are of serious crisis not just to the workers but additionally to the administration of either consumer and seller. This document can help managers to appreciate the foremost useful and felony matters, in attaining consensus and involvement in any respect degrees, comprehend and enforce TUPE rules and determine the documentation that should be drafted or reviewed in the context of a merger, acquisition or disposal.
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Extra info for Employment Law Aspects of Mergers and Acquisitions: A Practical Guide (Thorogood Reports)
For example, on the sale of a UK-based business selling its products worldwide, a Far East sales manager, based overseas, would transfer to the purchaser under TUPE even if his contract of employment was governed by a law other than English law, THOROGOOD PROFESSIONAL INSIGHTS 32 E M P L O Y M E N T L AW A S P E C T S O F M E R G E R S A N D A C Q U I S I T I O N S – A P R A C T I C A L G U I D E assuming that such employee was participating in the UK business as opposed to a discrete overseas business.
The absence of a legal obligation to disclose information to employees and their representatives where the transaction is to be effected by way of a share sale leaves the way open for complete flexibility of strategy and is to be contrasted with the obligations that arise under TUPE, described below. In practice, the parties to a share sale transaction will need to take into account the broader industrial relations consequences of failing to divulge information and of failing to consult with employees and their representatives.
The employment relationship is essentially a contractual one between the company and the employee and, by buying shares, a purchaser acquires the established contractual relationships between the target company and its employees; the status quo ante is maintained. The principal employment law feature of a share sale for prospective purchasers is that TUPE has no application – hence issues of HR management may be handled free from the considerations which arise in an asset sale to which TUPE applies, which can prove particularly restrictive.
Employment Law Aspects of Mergers and Acquisitions: A Practical Guide (Thorogood Reports) by Michael Ryley