Buying and selling a business is often an exciting and busy time – negotiating the price, deciding on the best structure, negotiating the assets to be transferred, dealing with employee entitlements, arranging finance, managing stakeholders, writing media releases etc… all with a looming closing deadline…
But where do privacy and data protection fit into this?
Many vendors and purchasers of Australian businesses will be captured by the Australian Privacy Act and will have to comply with the Australian Privacy Principles (APPs), including before the sale/purchase, as part of the due diligence process, and on an ongoing basis post-completion.
- What types of transactions are captured vs not?
- What personal information can be shared between vendors and purchasers?
- What practical steps can vendors and purchasers take?