SECTION 197
In essence, the entire business of Company B is taken over by Company A. The reality is that although this is not a traditional 197, I believe that the Courts would respect the spirit of the law in that the entire function and the management of the operation has moved across to Company A. Company A will be needing to start their operation on exactly the same basis as Company B. My understanding of the spirit of the law is that Company A would have to take over the employees of Company B.
Michael Bagraim
