The importance of understanding section 34 of Insolvency Act when selling a business (seen in light of June 2021 Appeal Court judgement)

We will unpack section 34 of the Insolvency Act and its application when you are buying or selling commercial assets. In order to determine whether or not a section 34 notice must be published, lies in the definition of “trader” and whether the goods or property being transferred, falls within the ordinary course and scope of the business. We will discuss these principals and look at the recent Appeal Court case.