Contact Us: + 507 393 1266   |  contacts@chanis.pa

icon-twittericon-linkedin

Selling a Business

20/07/2016

The sale or transfer of a business establishment in Panama will not affect third parties unless made public via a 3-day notice publicized in a newspaper of the place where the business is located.

The buyer of a business establishment should pay the purchase price no earlier than 30 days after the publication of the first newspaper notice.

During this 30-day period, creditors of the seller of the establishment can claim to have a right over the purchase price received by the seller even if their credits are not yet due and payable.

During this 30-day period, creditors of the seller can stop the transfer if the purchase price is 10% below fair market value and if the creditors offer to purchase the establishment in the same terms.

The seller and the buyer of the establishment may stop the creditors from exercising the above action by paying all credits that are due and payable or by granting a guarantee of payment in a future date.

These rules apply when the business establishment is sold or transferred as a whole or in one unit, as well as when it is sold or transferred in two or more parts to avoid treatment as the sale or transfer of a whole.

1

More Articles

Data Protection Law

03/06/2019

A Data Protection Law was enacted in Panama by means of Law No. 81 of March 26, 2019, establishing the conditions for the use, protection and transference of personal data and the creation of a Personal Data Protection Council. Regarding the use of any personal data, the Law establishes that it is mandatory to have […]

read more

Tax evasion

11/02/2019

On March 2, 2019, Law 70 of January 31, 2019 that adds articles to the Criminal Code by means of which tax evasion is described or typified as a crime in Panama, enters into force or effect. Chapter XII is added to Title VII of the Second Book of the Penal Code to describe for […]

read more

New SEM Law

01/02/2019

On January 1, 2019, Law No. 57 of October 24, 2018, reformed the Special Regime for the Establishment and Operation of Multinational Company Headquarters (SEM) in Panama, by which, in essence, additional technical, financial and/or administrative services are added or expanded in the law, new parameters are set to be met by the SEM Licensing […]

read more

Contact Us

icon-phone+ 507 393 1266

icon-mail contacts@chanis.pa

MENU