The undertakings of a buyer under a sale plan are, firstly, the undertakings that any buyer acquiring a company not subject to proceedings would make, particularly as regards undertakings relating to contracts taken over (employment contracts, leases, etc.).
In addition, the sale plan is coupled with a number of specific undertakings:
- The court may stipulate in the judgment ordering the sale that the assets sold are inalienable, i.e. that the buyer may not resell them.
- Transfer of the burden of security interests: Where a special security interest guarantees repayment of a loan granted to the debtor to enable him to finance an asset to which the security interest relates, the transferee may be required to pay the creditor the outstanding instalments due on the date the transferee takes possession of the asset.
Lastly, additional undertakings may be requested from the prospective buyer. The following are frequently requested:
- Maintaining employment for a specified period.
- Taking over wage claims acquired prior to the sale for the benefit of employees taken over (paid leave, reduced working time, etc.).
