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A successor company takes the business (products and services) of a previous company or companies, with the goal to maintain the continuity of the business. To this end, the employees, board of directors, location, equipment, and even product name may remain the same or change only slightly at the moment of succession.
Here, ‘successor’ refers to the entity that exists after the restructuring. ‘Restructuring’ refers to any action that alters the identity or character of a business entity (e.g. a merger). Successor liability is a subset of the law governing corporate liability or liability of legal persons.
In the case of a merger, the surviving organization is the legal successor to the others in respect to liability. [1] In the case of dissolution without assigning a legal successor, the funds and assets of the dissolved entity may be granted to other entities. The latter entities are not legal successors, but simply as grantees of the mentioned ...
The problem of successor liability arises when a company does something that alters its organisation or identity, such as a name change or a merger or acquisition. Rules on successor liability determine when and how corporate liability is affected by various changes in a company’s organisation or identity.
Legal successor may refer to: Legal successor (business), a successor company legally recognized as such; Legal successor (organization), a successor organization ...
The asset buyer may wish to consider insisting on relief from any such obligation, especially if the purchaser intends to continue operations as a successor under the NLRA. Even in bankruptcy, a company will remain bound by the terms of its collective bargaining agreement unless and until it obtains relief pursuant to the procedures set forth ...
U.S.-based employers announced 57,727 cuts in November, a 3.8% increase from October and up 26.8% from the reductions announced in November 2023, according to Challenger, Gray & Christmas.
An employer may also be ordered to bargain with a union, even though the union has not been certified as the representative of any of its employees, if it is the successor to an employer that was obliged to bargain with the union.