B P Collins acted for an accountancy practice which was part of a group, which wanted to purchase the practice and run it independently.
The target practice was a party to a complicated group structure, which involved complex inter-group arrangements. The buyer’s key priority was for B P Collins to identify the liabilities of the target and draft the necessary releases and indemnities as part of the transaction.
This was not a straightforward share purchase because of the group structure and the fact that the purchase price was being paid by way of share exchanges. Additional steps were required to remove the target from the group, including a dividend in specie (involving assets instead of cash) and share buyback.
Once the deal completed, the buyer then instructed us to prepare an LLP agreement for the practice going forward.